KEY POINTS
  • There's virtually no chance the U.S. central bank will choose to raise its benchmark borrowing rate when its two-day meeting concludes Wednesday.
  • The meeting will feature the Fed's quarterly update on what it expects for a bevy of key indicators — interest rates, gross domestic product, inflation and unemployment.
  • There's widespread belief the Fed will make sure the market knows that it shouldn't make assumptions about what's next.
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following a Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on July 26, 2023. 

As often has been the case, this week's Federal Reserve meeting will be less about what policymakers are doing now than what they expect to be doing in the future.

In the now, there's virtually no chance the U.S. central bank will choose to raise its benchmark borrowing rate. Markets are pricing in just a 1% chance of what would be the 12th hike since March 2022, according to CME Group data.