Now that the Fed has spoken, traders are looking to Thursday's CPI inflation data for clues as to its next move.
The consumer price index is expected to be up 0.5 percent in May, compared to 0.1 percent in April. Without food and energy, CPI is projected to rise 0.2 percent, compared with a surprise 0.3 percent in April, for a year-over-year pace of 1.8 percent.
The Fed on Wednesday left rates unchanged after its two-day meeting, but it did provide a statement and forecasts that suggest it could raise rates once, if not twice, this year should it see improvement in economic data, including inflation.
The central bank's chair, Janet Yellen, in a post-meeting briefing, said the economy and specifically inflation, have not met the conditions required for a rate hike. But she said most Fed officials see a rate increase this year and they expect the data to improve.