Answer fully using bullet points please

At its next meeting, the Federal Reserve Bank is expected to raise its objective for the Federal Funds rate by 0.50 percent, according to investors. Explain the logic of what this implies to me. How do they raise a rate that is determined by private commercial banks when they charge each other for loans, not by them? Is the Federal Reserve Bank willing to purchase or sell financial assets? What is the relationship between these price changes and interest rates? What impact will this have on the total amount of "money" in circulation? There's a lot to unpack. To set down the chronology of events, use bullets.

The Federal Reserve chooses to raise interest rates by 0.50 percent.