Analysts at TD Securities are expecting the U.S. Fed to signal readiness to ease policy but to stop short of committing to a near term cut at Wednesday's FOMC meeting.

• “Chair Powell will likely look to put markets more at ease by reiterating his comments a few weeks ago that the Fed is ready to act if conditions warrant it. The Fed will likely stress that they are monitoring risks on the economy and taking appropriate action to sustain the expansion.
• In terms of projections, we expect the Fed to deliver only modest downgrades to growth and inflation forecasts despite some recent weakness in data. We expect the median 2019 dot to remain unchanged (reflecting a Fed on hold) and the median 2020 dot to decline.”