The Federal Reserve is about to make another interest rate decision. What are the odds of a cut?

With the Federal Reserve set to release its latest policy statement on Wednesday, inflation-weary consumers are eager to learn when the central bank might starting cutting its benchmark interest rate, providing some relief from high borrowing costs. 

Unfortunately for consumers, the Fed is widely expected to keep rates steady amid stubbornly high inflation, which remains more than a percentage point above the central bank's annualized target of about 2%. 

Almost all economists polled by financial data firm FactSet are predicting that monetary policy makers will maintain the federal funds rate in a range of 5.25% to 5.5% — the highest level in 23 years, and where it's sat since the Fed's July 2023 meeting. Still, consumers and investors alike will be listening for clues about the Fed's rate outlook.