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The U.S. dollar holds steady ahead of the Federal Reserve’s policy announcement and Chair Jerome Powell’s remarks.

A 25-basis-point rate cut Wednesday is priced with an almost 90% probability, according to LSEG, while expectations point to two additional reductions next year. In recent days, speculation has built that the Fed could be cautious about prospects for further rate cuts and any deviation from this expectation would dent the U.S. currency and Treasury yields.

“Any signal from Powell that the Committee is leaning toward a more dovish policy path could weigh on both the dollar and long-term yields,” says Tickmill’s Joseph Dahrieh in a note.

The DXY dollar index is steady at 99.043.