Gary Siegel

A rundown of the largest bond referendums.

Economists see the Fed ending quantitative tightening soon, but don't agree exactly when.

Despite the expected rate cut, analysts will be watching the Federal Open Market Committee's actions for other reasons.

Although the Federal Reserve is not expected to cut rates at this meeting, the market is closely watching for signs of a September easing and how the divide among officials plays out.

The panel is not expected to change rates, but the dot plot will be watched to see if the Fed's prior projection of two rate cuts this year holds.

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.

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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.

Analysts are confident the Fed will lower rates at this week's meeting, but their views on what next year holds don't share the same consensus.

Voters were asked to consider at least $148.912 billion of bonds this year in 908 ballot referendums, according to data compiled by Bond Buyer.

While this meeting is a slam dunk, the election and data makes the December meeting more of a question, some analysts said.

Given the Fed's reluctance to "surprise markets or take actions that could be perceived as overtly political," Interactive Brokers Chief Strategist Steve Sosnick said, "we find it hard to believe that anything other than 25 bp is the likely outcome for the upcoming FOMC meeting."

"The numbers are weak, but not cusp of recession weak," Chris Low, chief economist at FHN Financial, said.