JP Morgan Research previews the July FOMC decision on Wednesday.

"We expect the FOMC will leave rates on hold at the end of this week's meeting. However, we think it will be a contested decision as some on the Committee are losing patience with above-target inflation, and we look for at least two hawkish dissents (Hammack and Logan).

There are no dots or SEP set to be released this week, and it will be interesting to see if the statement evolves, as it has done for much of this century, or whether it is effectively written afresh each meeting. If the former, then we wouldn't foresee many meaningful changes, as there have only been modest changes in the narratives on employment and inflation since the last meeting," JPM notes.

"We think there is a chance the Committee will use the statement to indicate it understands that action may be needed to back up its resolve. We have modest expectations for learning much from the post-meeting press conference," JPM adds.