Gregory Daco, economist at Ernest & Young, said the Fed is expected to leave the base rate unchanged at 4.25% -4.50%. The Fed's recent comments have reinforced a wait-and-see approach, with officials showing no urgency to adjust policy amid increased uncertainty about the economic outlook. The policy statement may not change much. The FOMC is likely to reiterate that inflation remains "somewhat elevated," labor market conditions are "solid," and the unemployment rate is "stable at low levels." It is likely to reiterate that "the risk of higher unemployment and higher inflation has increased," especially given the uncertainty about the economic outlook. The dot plot of median interest rate expectations is expected to remain unchanged, with two 25 basis point cuts by the end of the year. The dot plot is still expected to show a further 50 basis point cut to 3.4% in 2026 and another to 3.1% in 2027. Policymakers' median estimate of the long-term neutral rate is likely to remain unchanged at 3%.