The Federal Reserve is expected to leave interest rates unchanged Wednesday, but also should provide important economic data and a forecast that could impact financial markets.

Average rates are likely to stay in the 6.75% to 7.25% range unless the Fed signals multiple cuts and backs up their policy with data, said Nicole Rueth, of the Rueth Team with Movement Mortgage. "Homebuyers waiting on rates to drop drastically might be disappointed," Rueth said.

The Federal Reserve is set to leave interest rates unchanged as it continues to assess the economic impact of President Donald Trump’s tariffs, especially the threat of higher prices. But new challenges confront the central bank amid ongoing signs that the job market is slowing down.