Jerome Powell’s Federal Reserve will likely deliver its final cut of the year on Wednesday. But Claudia Sahm is already looking ahead.

The central bank is poised to deliver its third straight interest rate cut Wednesday, while firing a warning shot about what's ahead.

The "dot plot," Chair Jerome Powell's press conference and estimates for U.S. economic growth and inflation are ways the Fed can rein in sentiment.

Only in June does a plurality—41.9%—emerge on CME FedWatch for a further cut to 3.25%.

The central bank is widely expected to announce a quarter percentage point, or 25 basis point, cut to its overnight lending rate at Wednesday's meeting.

Jerome Powell’s Federal Reserve will likely deliver its final cut of the year on Wednesday. But Claudia Sahm is already looking ahead.