The Federal Reserve is likely to stick to its "wait-and-see" mantra next week, setting it on a collision course with the president.

The Federal Reserve is widely expected to hold its key interest rate steady when the central bank's policy committee meets Wednesday, possibly provoking more wrath from President Donald Trump, who has repeatedly demand the Fed, which is not under direct control of the White House, cut its benchmark interest rate by an entire percentage point.

Financial markets early Monday were pricing in nearly a 100% likelihood that the Fed will leave the benchmark rate unchanged this week, according to the CME Group's FedWatch tool, which forecasts rate movements based on Fed funds futures trading data.1