The Fed rate decision meeting is today. Here are the odds of a cut.

The Federal Reserve on Wednesday afternoon will announce its third interest rate decision of 2024, but consumers aren't likely to see any near-term relief from high borrowing costs. 

At year start, about 9 in 10 economists had forecast that the Fed would cut its benchmark rate at its May 1 meeting. Yet shifting economic winds and stubbornly high inflation have complicated policy makers' plans. As a result, Wall Street now expects the Fed to hold rates steady today, according to economists polled by financial data firm FactSet.

The Fed is likely to hold off on cutting rates until later in 2024, with most experts now penciling the first rate reduction for the central bank's September or November meeting, FactSet's data shows. That means consumers are likely to continue grappling with higher costs for all types of loans, from credit cards to mortgages, even as the costs of goods and services remains elevated.