Fed meeting live updates: Traders expect a rate cut, but are eager to hear what may come next

This is CNBC’s live blog covering the Federal Open Market Committee meeting and Chair Jerome Powell’s press conference.

The Federal Reserve is widely expected to announce a quarter percentage point, or 25 basis point, cut to its overnight lending rate when the policymakers issue their decision at 2 p.m. ET on Wednesday. That reduction would bring the benchmark rate to a targeted range of between 3.75% to 4%.

While traders feel fairly certain of that outcome, there are other key items to watch that are far less predictable. Top of mind will be how unified are the members of the decision-making Federal Open Market Committee, and do they seem inclined to approve another rate reduction at the central bank’s December meeting.

Policymakers are being challenged by a lack of economic data as a federal government shutdown has halted the collection of key reports on employment and inflation.

Traders will be scanning the Fed’s statement and watching Fed Chair Jerome Powell’s press conference at 2:30 p.m. for hints on whether a December rate cut could be in the cards.