Wall Street is looking ahead to a highly anticipated meeting of Federal Reserve policymakers, who are widely expected to lower interest rates for the first time this year amid relentless pressure from the White House and deteriorating employment data.

The Federal Open Market Committee’s two-day meeting will start on Tuesday. On Wednesday afternoon, it will announce its policy decision. According to CME’s FedWatch tool , markets are pricing in 96.4% odds for a quarter-point cut and 3.6% odds for a half-point cut. The benchmark rate is currently 4.25%-4.5%.

The rate announcement will also be accompanied by a so-called “dot plot” of fresh forecasts on rates, inflation and GDP growth from Fed officials. Chairman Jerome Powell will hold a press briefing soon afterward.

While there is littl

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