The Fed opened a two-day rate meeting Tuesday, CNBC and the Fed calendar say. Markets widely expect officials to keep the key rate in a 3.75% to 4.00% band. The decision and statement are due Wednesday at 2 in the afternoon Eastern. Chair Kevin Warsh is then set to face questions.

CNBC said traders were looking past a likely hold for hints on whether another hike could still come before year-end. The Fed raised rates by a quarter point last month into the current band. Higher energy costs and sticky inflation have kept household borrowing costs in focus across mortgages, credit cards, and other loans tied to the funds rate.

Treasury yields were little changed while investors waited for the statement. Bank of America economist Aditya Bhave said a hold could raise doubts about the Fed's drive against inflation if prices stay firm. Other forecasts still leave room for later tightening in 2026 if inflation does not cool enough for officials' comfort.

Warsh has said the push back to the Fed's 2% inflation goal remains central to policy. Loan and savings rates often move with the funds rate, so households and markets treat the Wednesday release as a major signal on the path ahead. Former Fed vice chair Roger Ferguson, speaking in CNBC coverage, also framed a hold as the base case even as some voices still call for more hikes.

What we know: The two-day Fed meeting opened Tuesday and the decision is set for Wednesday afternoon Eastern.
What we don't: Whether officials will hold as markets expect, and what guidance Warsh will give next.