Gary Siegel

"The Fed is certainly not going to be overly concerned about the growth backdrop" at this week's Federal Open Market Committee meeting, said BMO Chief Economist Douglas Porter.

With no change in rates expected, analysts are interested in the dot plot and Fed Chair Jerome Powell's press conference.

The Philadelphia Fed president said there can be as few as no cuts or as many as two this year, but if his projections are accurate, one decrease would be appropriate this year.

Economists expect the FOMC to hold rates, although some say there's a case to be made for a July cut, with Fed Chair Powell setting the table for September.

Federal Reserve Board Chair Jerome Powell's much-anticipated speech at the Jackson Hole symposium should offer clues about the Fed's thinking ahead of its September meeting, but with limits.

The employment report did not settle the 25 or 50 basis point rate cut argument, economists said, as it offered a mixed bag, with lower-than-expected

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."

While the economy remains "resilient," signs of slowing growth have emerged, said Judith Raneri, senior vice president and portfolio manager at Gabelli.

rawpixel.com / Felix/rawpixel.com - stock.adobe.com Voters appeared to approve California Propositions 2 and 4, each authorizing $10 billion

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.