The two-day FOMC meeting begins on Tuesday and ends on Wednesday. Analysts at BBH expect a hawkish hold.  

September cut is a coin flip

"There is a lot for the Fed to consider but in the end, they will have no choice but to keep rates on hold for the foreseeable future.  Since the May 1 decision, there has been little progress on getting inflation moving back towards the 2% target. In fact, some key inflation metrics such as super core PCE have actually picked up."

"Real sector data have been mixed but remain relative robust on the whole even as financial conditions remain loose. Markets have taken notice, with odds of a September cut basically a coin flip and odds of a November cut around 85%."