With inflation on the brink of zero, virtually nobody expects the Federal Reserve to raise interest rates when its monetary policy committee meets Tuesday in Washington.

"There is simply no pressure in the inflation pipeline," said Bruce Steinberg, chief economist at Merrill Lynch & Co., referring to the producer price and consumer price indexes released last week.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.