The US Federal Reserve is widely expected to maintain its federal funds rate at 3.5%-3.75% in its upcoming decision. However, markets still price in roughly a one-in-three chance of a surprise rate hike. Attention will be on Chair Kevin Warsh's message, as rising oil prices are fueling inflation concerns despite a softer Consumer Price Index (CPI) report in June. Morgan Stanley anticipates no rate hikes this year, while Bank of America (BofA) believes Chair Warsh could begin raising rates as early as September.