Jeff Cox@jeff.cox.7528@JeffCoxCNBCcom

Published Tue, Jul 30 20243:30 PM EDTUpdated Tue, Jul 30 20245:25 PM EDT

US Federal Reserve Chair Jerome Powell testifies before the Senate Banking, Housing, and Urban Affairs Hearings to examine the Semiannual Monetary Policy Report to Congress at Capitol Hill in Washington, DC, on July 9, 2024. 

Chris Kleponis | AFP | Getty Images

Key Points

• If things go according to expectations, the Fed again will keep short-term interest rates on hold roughly from where they’ve been for the past year.
• There are expectations that the Federal Open Market Committee will drop signals that as long as there are no major data hiccups, a September move is very much on the table.
• The central bank has been holding its benchmark funds rate in a range of 5.25-%-5.5% for the past year.