The Fed's rate hike is all but baked into the market. Here are the two big things that could surprise investors

Wall Street's eyes will be fixated on the Federal Reserve as Fed Chair Jerome Powell delivers his first news conference Wednesdy afternoon.

While an interest rate hike is all but certain, according to the CME Group's FedWatch Tool, market participants will be focusing on other facets of the central bank's decision.

Strategist Boris Schlossberg of BK Asset Management told CNBC's "Trading Nation" he will be watching for two main themes. Here's what to lookout for:

• The FOMC meeting is the marquee market event this week, and it is widely expected that the committee will hike interest rates. The market will be watching the "dot plot" and Powell's tone in his remarks.

• The Federal Reserve's dot plot is a measure put out by the Fed reflecting committee members' outlooks on what they consider appropriate monetary policy based upon the federal funds rate. This will be closely watched for any forward guidance for rate hikes over the next several years.

• As for Powell's tone, the more upbeat he sounds about the state of the economy, the more of a threat this may serve equities.

• Equity traders may take a hawkish tone as a signal of further rate hikes this year, potentially threatening stocks.

Bottom line: Since an interest rate hike is already widely expected, the market will be focusing on Powell's tone, as well as the dot plot, on Wednesday.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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