Fed wants to follow data-dependant approach

Even if FOMC participants agree that September is a likely timeframe for liftoff, they are unlikely to include any signals in this week's statement. The Fed has made it clear that it does not want to be locked into any decision ahead of time and wants to follow a truly data-dependent approach. 

Indeed, a very little scope is seen for changes in the FOMC statement. The June communiqué noted that "economic activity has been expanding moderately after having changed little during the first quarter" and this remains true today. 

Other parts of the economic assessment remain true as well, underutilization of labor resources continued to diminish, growth in household spending has been moderate and net exports stayed soft. 

"There is some room for improved housing assessment and business investment could be described as "stabilizing" versus "soft"", says Societe Generale.