Here comes the Fed ...

AP/Matt Rourke

Federal Reserve Chair Janet Yellen poses for a photograph before making a scheduled speech in Philadelphia, Monday, June 6, 2016.

At 2 p.m. ET, the Federal Reserve will release its latest monetary policy statement.

There shouldn't be any surprises when it shows that the Federal Open Market Committee (FOMC) did not raise rates at its two-day meeting ending Wednesday.

Traders are pricing in a 0% chance of a hike, and the economic-data-dependent Fed wants to make sure that the sharp slowdown in hiring last month was temporary.

And so, the Fed's possible next step becomes all-important for markets.

Along with the policy statement, the Fed will release an updated dot plot that would show where FOMC members think interest rates should be in the next few years.

In December, the FOMC raised its benchmark rate after years of unprecedented stimulus to the economy. It has not done so since then, arguing that a gradual approach in response to strong economic data is best.

In March, the dot plot showed that the Fed intends to raise rates twice this year.

"It would be highly unusual for them to stick to that," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research.

If Fed chair Janet Yellen "sticks to the mantra that she wants to have two hikes, I'm not sure how well the market would react to that," he told Business Insider.

Additionally, the Fed will publish an updated Summary of Economic Projections with forecasts for economic growth, inflation, and the unemployment rate.

In March, the Fed downgraded its GDP and inflation outlooks, and left its unemployment-rate forecast in a range of 4.6% to 4.8% - where the labor market has now reached.

At 2:30 p.m. ET, Yellen will take questions from the press, and that could be the main market-moving event, as traders and investors respond to clues on future monetary policy.

We'll have complete coverage and the market reaction at the top of the hour, so refresh this page for updates.