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Whether the Federal Reserve raises its benchmark interest rate Wednesday or not may be less important to investors than what it says about the path of rates next year.

In the futures market that investors use to bet on the Fed’s decisions, traders are indicating the central bank will raise rates by a quarter point to between 2.25 percent and 2.5 percent when the Fed wraps up its two-day meeting on Wednesday.

But after that, investors expect to wait awhile for the next increase — and that’s a view that has changed fast.