The Federal Reserve could move to raise short-term interest rates on Thursday for the first time since 2006.

A decision from the Fed, the central bank of the United States, on whether to hike interest rates is expected to come after the Federal Open Market Committee concludes its two-day meeting on Thursday.

If a rate hike happens, it is expected to be a 0.25 percentage point increase. 

Short-term interest rates were cut to near zero percent during the Great Recession to support the economy.

Liberal economists and activists have been urging the Fed to hold off on raising interest rates until the economy is stronger. They want the fed to pursue "genuine" full employment with "robust wage growth" before hiking rates.

UPDATE (2:00 p.m.): The Federal Reserve on Thursday decided against raising short-term interest rates this month, but left the door open to a possible increase sometime later this year. Concerns over the global economy and inflation were among the reasons the Fed left interest rates at near zero percent.