New U.S. Federal Reserve chairman Ben Bernanke and his colleagues are widely expected to boost interest rates on Tuesday.

The move will be the first decision on rates since Bernanke took over from Alan Greenspan as the head of the U.S. central bank earlier this year.

The federal funds rate, the interest that banks charges each other for overnight loans, sits at 4.75% after 15 increases of one-quarter of a percentage point since June 2004.

However, economists see the Fed’s tightening policy drawing to an end at some point this year.

In Canada, the Bank of Canada has also been slowly boosting borrowing rates. The overnight rate currently stands at 3.75%. The Bank of Canada will make its next decision on interest rates on April 25.