Major Wall Street economists believe the Federal Reserve will not cut rates on Wednesday, but will signal a "readiness" to act in the future.

The central bank will issue its much anticipated interest-rate decision on Wednesday afternoon. They are under pressure to pretty much signal a rate cut is coming, if they don't do it on Wednesday. Traders have priced in a 20% chance of a rate cut in June and about 80% probability of another reduction in July, according to the CME FedWatch Tool.

But some of the economists believe the Fed may fall short of sending a clear signal that rate cuts are on the way. They say the Fed will remove any hikes from its forecast of future rate moves — the so-called 'dot plot' — but not explicitly show a cut is on the horizon.

"We expect the committee will prefer to keep its options open," stated a note from Goldman Sachs chief economist Jan Hatzius. "In our view, not enough has changed to warrant a clear signal of an upcoming cut."

Barclays sees the Fed dropping the word "patience" from its statement and instead adding "flexibility."

Here's what the major banks expect at Wednesday's FOMC meeting: