HERE COMES THE FED...

The Federal Reserve's latest monetary policy announcement it set to be released at 2:00 pm ET.

Expectations are for the Fed to end its current quantitative easing program and keep interest rates pegged at 0%-0.25%.

Wednesday's meeting does not include a press conference from Fed Chair Janet Yellen, so the 2:00 pm ET announcement is all the market will have to go on.

As was the case with the Fed's September policy announcement, the market will be looking to see if the Fed keeps the "considerable time" language when characterizing how long it expects will elapse between the end of its QE program and its first interest rate hike.

The market had been expecting the Fed to raise rates in March or June of next year, but amid recent market volatility and an unexpected drop in bond yields, market expectations have pushed the first rate hike out to the third quarter of next year.

We'll be back with full coverage of the statement and market reaction at 2:00 pm ET.