Rick Rieder, chief investment officer of global fixed income at BlackRock, believes that neither the unexpected advance of the U.S. debt ceiling deadline nor the recent regional banking crisis will likely prevent the Federal Reserve from raising interest rates at its policy meeting on Wednesday. Reid said the Fed will likely raise its benchmark interest rate by 25 basis points to a target range of 5-5.25%. "Then, I think we're going to pause rate hikes for an extended period of time and let the previous hikes filter through the system," he said. The Fed could be "signaling that we are at or very close" to the end of its rate hike cycle. “The Fed is right to show a little patience,” Reid said, although he expects the central bank to continue to “talk tough on inflation.”