Analysts are expecting the FOMC to push back their "normalization" base rate cuts amid economic uncertainty, as Jerome Powell takes a step back from any action despite pressure from Donald Trump.

Up to this point in his second term, President Donald Trump has been silent about Federal Reserve Chairman Jerome Powell's handling of monetary policy.

US Fed chair Powell said that the US Federal Reserve is likely to keep its benchmark interest rate unchanged in the coming months as it waits for widespread uncertainty stemming from Donald Trump's policies.

Economists and traders alike view it as a near lock that the Fed will opt to hold rates steady at 4.25% to 4.5%; JPMorgan’s chief U.S. economist Michael Feroli said it “appears obvious” this will be the course of action, while the market prices in a 99% chance of a hold, according to CME Group’s FedWatch Tool.

Even as the economy undergoes what may be wrenching changes, the Federal Reserve on Wednesday is expected to signal it could cut its key interest rate twice this year — the same forecast it issued in December.

U.S. equity futures edged cautiously higher Wednesday, while gold prices hit another all-time record, as investors braced for a crucial Federal Reserve rate decision, as well as commentary from Chairman Jerome Powell on the central bank's new economic forecasts,