Investors will obsess Wednesday over whether Federal Reserve officials pencil in one or two interest rate cuts this year.For policymakers, difficult decisions and looming divisions over whether and when to cut interest rates are a problem for later—not right now.

The Federal Reserve is expected to leave interest rates unchanged on Wednesday, with new economic projections from the U.S. central bank's policymakers likely to show fewer rate cuts this year and a delayed start to monetary policy easing.