Investing.com - The Federal Reserve is set to release its interest rate decision and updated Summary of Economic Projections today at 2pm ET at the June FOMC meeting. Consensus expectations are that the central bank will hold rates steady, according to Wolfe Research.

The research firm said the most important aspect of the meeting will be newly appointed Fed Chair Warsh's communication style on topics including stickier inflation and how the Fed views the fall in oil prices from the resolution of the Iran war, whether the balance sheet will continue to expand, and potential changes in communication methods for the central bank going forward.

The U.S. and Iran came to a resolution to end the conflict in the Middle East and reopen the Strait of Hormuz. Fed Funds futures are pricing in a high probability of an interest rate hike by year-end despite the resolution.

Wolfe Research said it believes Warsh will need to provide investors confidence that the Fed will return to an easing bias as the spike in inflation proves transitory. The firm said Warsh needs to offer a reassuring tone that any communication style changes at the Fed won't be dramatic.

The Federal Reserve's decision and Chair Warsh's commentary will be released at 2pm ET today.