The Federal Reserve will announce its latest interest rate move this week. Here’s what economists expect.

The Federal Reserve is scheduled to meet this week, when U.S. central bankers will decide whether to raise interest rates for the second time this year in a bid to contain inflation.

Most economists and Wall Street analysts expect the Fed to leave its benchmark rate unchanged between 3.75% and 4% when officials issue the latest policy statement on Wednesday.

Consumer prices have surged this year as overall U.S. inflation rises at a higher rate. Annual rate of 3.7% in September as energy costs surged. Core inflation, which excludes the volatile energy and gas categories, rose 2.6% from a year ago, amid concerns that inflation may be seeping into the broader economy. The Fed is targeting annual inflation of 2%.

Gasoline prices, which have hovered above $4 a gallon for the past three months, accounted for more than half of the increase in consumer prices in September, according to the Labor Department.

“While the latest high inflation numbers and rising inflation expectations will concern Fed officials, they still appear intent on tightening policy at a measured pace,” Thomas Ryan, senior North America economist at investor advisory firm Capital Economics, said in a recent research note.

In September, the Fed raised the federal funds rate — what banks charge each other for overnight loans — by a quarter of a percentage point — the first hike in three years, raising borrowing costs across the U.S. economy. The Fed is expected to announce its latest interest rate decision on Wednesday at 2 p.m. ET.

The meeting comes at a crucial time, as Americans head to the polls to vote in the November 3 midterm elections. Many Americans have expressed frustration with the state of the economy as they grapple with rising costs gasoline, food, utilities and other expenses.

Most economists and investors expect the Fed to raise rates again before the end of the year, likely at its final meeting of the year on Dec. 8-9.

According to CME Group’s Fed Watch tool, which uses 30-day federal funds futures prices to predict rate decisions, traders estimate there is an 88% chance the Fed will hold rates steady in October and a 71% chance it will raise rates in December (no meetings scheduled for November).

In its quarterly projections last month, the Fed indicated that its rate-setting committee planned to raise rates later this year. At the same time, some Fed officials have indicated that the central bank is in no rush to raise borrowing costs.

“With the policy actions we took at our September meeting, there is no need for urgency and we have time to gather more information,” New York Fed President John Williams said in a speech at the University at Buffalo after the Fed’s September rate hike.

Fed Chairman Kevin Warsh will hold a press conference after the rate decision this week. Until then, investors are unlikely to get any clues from Warsh, who has opposed sharing forward-looking guidance on rate decisions.