The banking industry stands to lose a lot of money on the decision.
Strong Asian and European manufacturing reports boost global stocks, and US markets seem set to follow.
Stocks are higher, though the day's biggest event may be yet to come as the FOMC completes it latest meeting and prepares to release a rate decision statement.
Also in focus is the first reading of second quarter GDP as well as a slew of other economic data.
The rally shows its strength by shrugging off weakness in Japan and worries about next week's Fed meeting. Exxon, Chevron and Whole Foods report results.
MasterCard, Apache and3D Systems report earnings. June construction report is due. Facebook soars on mobile revenues.
The mobile payments company is betting that complexity is the price of success as it branches beyond payments with the launch of an online marketplace.
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Do it once a year. This allows the best-performing asset classes to take off and run.
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
MONEY & POLITICS
Breaking up big banks is an untested solution to the too big to fail problem that attempts to isolate and dismantle large, troubled institutions while protecting the rest of the economy.
Six weeks later, most Americans have forgotten about the 2014 tax season -- except those who didn't file by the April 15 deadline.
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