Here are three things you must know at midday on Wednesday, Dec. 13:

1. -- If you're betting the Federal Reserve won't raise interest rates in about two hours or so, you'll be dead wrong, according to economists who predict almost unanimously the central bank will boost interest rates for the third time this year at its meeting on Wednesday. 

The Fed's announcement on interest rates will be made at 2 p.m. ET, followed by a press conference from Fed Chair Janet Yellen at 2:30 p.m. The meeting will be the last chaired by Yellen. Donald Trump chose not to renew her term, instead nominating Jerome Powell to take her place as head of the U.S. central bank.
 
Wall Street will be paying close attention to what Yellen says because what the Fed has in store for 2018 is less certain. Most economists expect three rates increases in 2018 but both Goldman Sachs Group Inc. ( GS)  and Deutsche Bank AG ( DB) predict the Fed will hike four times.
 
Bank stocks such as JPMorgan Chase & Co. ( JPM) , Bank of America Corp. ( BAC) and Wells Fargo & Co. ( WFC) traded with slight losses ahead of the Fed announcement.

2. -- The win for Doug Jones in Alabama's special Senate election could not only change the face of the Senate but also disrupt the broader agenda of Donald Trump as he struggles to deliver his first major win legislative before the end of the year.

The loss by Roy Moore signals a setback for Trump, who urged voters to vote for Moore despite sexual misconduct allegations and deny a Senate seat to a Democrat who would be expected to oppose Trump's plans to change the tax laws, among other things. The Republican majority in the Senate will now slip to 51-49 following Jones' victory.

Alabama hadn't sent a Democrat to the Senate since 1992.

3. -- Finisar Corp. (FNSR) was rising nearly 29% after Apple Inc. (AAPL) invested $390 million in the laser chipmaker.

Finisar is Apple's second-largest supplier of the laser technology that Apple uses for facial-recognition capabilities in the iPhone X.

Apple's investment came from its $1 billion Advanced Manufacturing Fund.

With the investment, Finisar plans to build a new 700,000-square-foot manufacturing plant in Sherman, Texas.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stock? Learn more now.

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