"They can't have the current level of bond buying come to an end with all the uncertainty of the fiscal cliff just around the corner," said Greg McBride, senior financial analyst at Bankrate.com.

The Fed's meeting coincides with negotiations between Congress and President Barack Obama over a budget deal to avert the fiscal cliff. The talks are focused on Obama's push to raise tax rates for the top 2 percent of income earners. Most Republicans are resisting such a move.

Brian Bethune, an economics professor at Gordon College, says he thinks Fed officials this week might discuss what further action they could take if Congress and the administration fail to reach a deal before January and the tax increases and spending cuts take effect.

"We are in unusual times, and that may require an unusual amount of Fed policy actions," Bethune said.

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