Here comes the Fed ...

The Federal Reserve will release its policy statement at 2 p.m. ET.

In recent weeks, several members of the Federal Open Markets Committee, which makes monetary policy decisions, gave their divergent views for and against higher interest rates.

If the consensus in markets holds, then the committee kept its benchmark fed funds rate in a range of 0.25%-0.50% during the two-day meeting that just ended.

Fed fund futures, which reflect traders' bets for future interest rates, showed a 22% chance of a rate hike in September and a 59.1% probability for the December meeting.

So markets are likely already counting down to the Fed's next big move in three months, which could happen roughly one year since it raised rates for the first time since before the Great Recession. On Wednesday, the Fed could say that economic data on the labor market and inflation continue to reflect progress, but are only satisfactory, warranting a slow path of interest-rate increases.

But there's much more to Wednesday's meeting beyond guesses of whether they will or won't raise rates.

The Fed will update its dot plot, a chart that shows where FOMC members think interest rates should be for the next few years. Right now, it shows an expectation for one hike in 2016. At the start of the year, it reflected four.

We'll also get updates from the Fed on its growth and inflation projections.

Around 2:30 p.m. ET, Fed chair Janet Yellen will hold her press conference and provide some color on the Fed's decision.

We'll have full coverage of all this and the Fed's full statement at the top of the hour. More to come.