Interest-rate futures indicate nearly a 92% chance of at least a 25 basis-point hike when the Federal Reserve's monetary policy committee concludes its December meeting today.

Markets have "pretty much priced it in at this point," Peter Nigro, Bryant University professor and finance department chair, said earlier this week. An increase would be only the second since the central bank cut rates to nearly zero to bolster the economy during the 2008 financial crisis.

"If they didn't raise, I think it would be more of a surprise than anything else," Nigro said in a phone interview. "The Fed is still worried about the slow productivity growth, but I think it's a good time to make a move before the inauguration in January. All the other signals look relatively good."

Follow TheStreet's live blog below to find out more about the central bank's decision and what it means for short-term interest rates and the economy. 

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