Fed likely to take time to firm up rate hike decision

For the FOMC tonight, it's all about forward guidance. At Yellen's congressional testimony two weeks ago, the Fed Chair neither ruled out a September hike, nor signalled September was a done deal. 

"A September hike is still expected, but analysts make the argument that aesthetics matter to a data dependent Fed", says RBC capital markets. 

The non-committal message might also be what is conveyed in tonight's statement. 

"As a result, the Fed will opt to keep their options open and use the seven weeks between the September and July meetings to firm up their decision", added RBC capital markets.