The central bank is widely expected to keep rates steady on Wednesday.
It will mark the first meeting at which the Fed has not raised its benchmark rate since starting its latest hiking cycle in March 2022. However, many Wall Street pros are expecting a "hawkish pause," in which the Fed makes clear that it is more than willing to hike again in the coming months.
But for investors worried that more Fed rate hikes in the coming months could tip the economy into recession, fixed income might be a more attractive bet. Jared Woodard, investment and ETF strategist at Bank of America, in a note to clients on Monday night that municipal bonds look relatively attractive among fixed income assets. "Municipal bond issuers appear well poised to weather a possible recession in 2023/24.
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