Here Comes The Fed ...

Charles Dharapak/APJanet Yellen.

Here we are: the last Fed statement of the 2014.

At 2:00 pm ET, the Federal Reserve's Federal Open Market Committee will release its final monetary policy statement of the year. 

The FOMC's announcement will be followed by a press conference from Fed Chair Janet Yellen at 2:30 pm ET. 

Along with the policy statement at 2:00, the Fed will also released its latest Summary of Economic Projections, which contain the Fed's outlook for GDP, inflation, and the future path of interest rates. 

The biggest focus of today's statement will be the phrase "considerable time," which many on Wall Street expect the Fed to drop from its statement. 

In the past, the Fed has said that a "considerable time" will elapse between the end of its quantitative easing program and the first interest rate hike. At its October meeting, the Fed ended its QE program.

The market is also looking for any commentary, particularly during Yellen's press conference, regarding the recent volatility seen in global markets, specifically the devaluation of the Russian ruble and the declining price of oil, which could pressure inflation in the coming months. 

We'll be back at the top of the hour with full coverage when the Fed's statement drops.