The conclusion of the latest Federal Reserve policy meeting is set to be at the forefront of investors’ minds Wednesday, as they look for clues surrounding the likelihood of further interest rate cuts this year. 

Economists widely expect the Fed to hold rates steady in the 4.25%-4.50% range, as the policymakers gauge the impact of Trump’s sweeping tariff plans on inflation and the broader economy.

Officials are also tipped to maintain a wait-and-see approach to future borrowing cost reductions, a stance the central bank has adopted as economists warn that the levies could fuel price pressures and weigh on growth.

Crucially, the Fed will release an update to its closely-watched "dot plot," which brings together officials’ projections for the trajectory of rates.

Investors currently see a slightly more than evens chance that the Fed will not unveil its next rate cut until September, according to CME Group’s FedWatch Tool.

Data to be released Wednesday also includes May’s housing starts and preliminary building permits, which should give a glimpse behind the curtain on the state of the U.S. housing market, as well as weekly jobless claims.