Will the Fed cut rates Wednesday? Not likely, but here's when they might.

The Federal Reserve is expected to hold interest rates steady Wednesday between 4.25% and 4.5% – exactly as interest-rate traders' bets had predicted after the policy-making body's meeting in early May.

The traders' bets now predict there's little chance the Fed will lower interest rates until its meeting on Sept. 17. That means Americans won't see short-term interest rates – which are heavily influenced by the Fed's decisions – decline for at least another three months.

As of Tuesday afternoon, there was still just a 55% chance the Fed will cut its interest rate in September, according to the CME FedWatch tool. The FedWatch tool tracks the likelihood that the Fed will change the federal funds rate based on futures prices.

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The Federal Open Market Committee meeting will take place at 2 p.m. ET on June 18. Fed Chair Jerome Powell will then discuss the committee’s rate decision at a news conference scheduled for 2:30 p.m.