The Federal Reserve is widely expected to hold interest rates steady next week, with investors focused on new central bank projections that will show how much weight policymakers are putting on recent soft data and how much risk they attach to unresolved trade and budget issues and an intensifying conflict in the Middle East.

The Fed is staying put on interest rates and won’t be making any cuts until at least September, based on new data from a June 5–10 Reuters survey of 105 economists.