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Expert: What to watch for in the Federal Reserve's upcoming announcement

Ahead of the Federal Reserve's meeting of the Federal Open Market Committee, experts aren't looking for rate hikes.

Stephen Gallagher, managing director and head of research at Societe Generale, told CNBC's "Closing Bell" that economists can expect "some signaling and maybe less dovishness."

What investors want to know is when they can expect the Fed to start hiking and how gradual that process will be, Gallagher noted. "Everyone thinks it's a very gradual, but [the Fed] thinks that's twice this year and the market is 'no rate hikes' this year," he said.

The U.S. central bank will convene the FOMC on Tuesday to discuss the state of the economy and monetary policy going forward. Economists are expecting the Fed to announce Wednesday that it will leave rates unchanged.

However, experts will be scrutinizing the language the Federal Reserve uses to describe the progress of economic growth and what that may mean for future rate hikes.

"Every rate hike is a market disruption or market turmoil, so we have to be very watchful for that," he explained.