The debate over interest-rate increases is set to intensify at this week's meeting of Federal Reserve policy makers, even if it is not expected to yield a clear signal on the timing of the next move.

A statement to be published Wednesday at 2 p.m. in Washington at the conclusion of the rate-setting Federal Open Market Committee's (FOMC's) two-day gathering will probably acknowledge better news on the economy since the last meeting in mid-June. But it is expected to fall short of telegraphing that a hike is right around the corner, and there is no post-meeting press conference with Fed Chair Janet Yellen to drop further clues.

Last month, FOMC voters unanimously agreed to leave the target range for the U.S. central bank's policy rate unchanged at 0.25 percent to 0.5 percent amid uncertainty following a sharp deceleration in U.S. job growth in May and ahead of the British referendum on European Union membership a few days later on June 23.