Fed meeting live updates: Traders wait to see how many central bank members go against Powell

The Federal Reserve is likely to keep its benchmark interest rate in a range of 4.25% to 4.5% when policymakers issue their policy decision at 2 p.m. ET on Wednesday.

This meeting could be heavy on Washington drama, however. Traders will be watching Fed governors Christopher Waller and Michelle Bowman to see if they dissent with policymakers' move to keep the federal funds rate steady. Both Waller and Bowman have signaled their preference for a rate cut.

Traders will also watch Fed Chair Jerome Powell's press conference at 2:30 p.m., seeking hints on whether a September rate cut could be in the cards.

Where consumer rates stand since March 2022

Since the Federal Reserve started raising rates in March 2022, the news has generally been pretty good for savers and for investors who depend on attractive yields from fixed income assets.

As of the week of July 25, the annual percentage yield on a five-year certificate of deposit sat at 1.7%, up from 0.5% in March 2022, according to Haver. Yields on savings accounts are also currently higher: 0.38% as of July 21, versus the 0.06% paid in March 2022, per the FDIC.

Rates haven't been so great for borrowers, however – even as the Fed cut by a full point in 2024. The rate on a mortgage stood at 6.81% last week, compared to 4.29% in March 2022, according to MND. Credit card annual percentage rates also remain high, standing at 20.13% as of a week ago, versus 16.34% in March 2022, according to Bankrate.

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Fed is likely to stand pat on rates, but this meeting could be notable

The Federal Reserve will likely keep its benchmark rate at the target range of 4.25% to 4.5% – where it has been since December – but traders will want to look for decision dissenters this time around.

Just last month, Fed governors Christopher Waller and Michelle Bowman have indicated their preference for a rate cut. If both signal their disagreement with holding steady on rates, it will be the first time multiple governors have dissented since 1993.

Further, the meeting takes place as tensions between Fed Chair Jerome Powell and President Donald Trump intensify. Trump has been pushing for the central bank to start lowering rates, though for now he seems to have backed away from his threats to fire the Fed chair.

Read more from CNBC's Jeff Cox on what to expect from the Fed.