The Fed is about to make history Wednesday, and so far, the market has yawned.Some strategists say that creates the opportunity for a sudden wake up call and a rush of volatility when the Fed releases its statement at 2 p.m. Fed Chair Janet Yellen briefs the media at 2:30 p.m. ET.Chances are that the market continues to have a muted response, but some bond pros say the announcement could also jolt the markets one way or other, depending on the Fed’s tone and its forecast for interest rates.The Federal Open Market Committee is expected to announce Wednesday afternoon that it will start to reverse quantitative easing, the massive bond buying program it initiated during the financial crisis to save the economy. Now with $4.5 trillion in assets on its balance sheet, the Fed is taking the step of moving away from the final stages of that program, which has been to replenish those bonds as they mature.
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