Gary Siegel

Rising debt and interest payment ratios over more than a decade, to levels higher than other nations', prompted the downgrade, Moody's said.

"The threat of having both inflation and unemployment rising simultaneously continues to create a big headache for the Fed's interest policy," said Wells Fargo Investment Institute global fixed income strategist Luis Alvarado.

The specter and economic implications of tariffs coupled with still above-target inflation and a healthy labor market will sideline policymakers at this week's meeting, analysts said, but not everyone agrees when the next rate cut will be.

Revisit each class of The Bond Buyer's Rising Stars, from 2016 through 2024, as nominations open for the 2025 honorees.

Look back on all three previous classes of our Hall of Fame of municipal finance as we begin accepting nominations for a fourth.

With no policy changes expected, analysts are eagerly awaiting the new Summary of Economic Projections for clues about future monetary policy.

The Fed is expected to hold steady. RBC's Blake Gwinn breaks down the forces driving the Fed's future decision-making and what it means for markets.

"There are a lot of moving parts here with the potential to either help or hinder the Fed's quest for price stability and maximum employment" this year, noted BMO Deputy Chief Economist Michael Gregory, who says the Fed will "stand pat."

Although a new administration means policy uncertainty, most analysts see the economy growing above trend next year, although inflation will remain a concern.

Analysts are unsure what the Federal Open Market Committee will do with monetary policy in 2025. The panel projects two rate cuts, but some analysts expect more, and others see fewer.