Traders are watching to see if the Fed will lift the market’s spirits, as investors fret over a new set of worries–including Russia.
The central bank releases its statement and economic forecasts at 2 p.m. ET, and Fed Chair Janet Yellen will then brief the media at 2:30 p.m. The Fed is widely expected to tweak the language in its statement by removing the phrase “considerable time,” a reference to how long it intends to keep rates low.
Fed officials have said it is on a path to raise rates by the middle of next year, if the economy continues to improve. The “considerable time” language is therefore seen as irrelevant, and the Fed is expected to include some new language, stressing it is not likely to move quickly to raise rates. Some Fed watchers expect to see a new word—”patience.”
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