REUTERS/Jonathan Ernst
U.S. Federal Reserve Chair Janet Yellen holds a news conference following two-day Federal Open Market Committee meeting at the Federal Reserve in Washington June 18, 2014.
The Federal Reserve is set to announce its latest monetary policy decision at the top of the hour.
The announcement will be followed by a press conference with Fed Chair Janet Yellen, which is set to begin at 2:30 pm ET.
Expectations are for the Fed to take another $10 billion off its QE program and keep interest rates between 0%-0.25%.
But the market is also looking for a few other things.
In addition to the latest monetary policy decision, we also get the Fed's latest Summary of Economic Projections, which gives GDP, inflation, and interest rates projections for FOMC members. This also includes the famous dot plot.
People are also looking to see if the Fed continues using the phrase "considerable time" to characterize how long it expects to elapse between the end of its QE program and its first interest rate hike.
In Yellen's press conference, the market is looking for any additional color regarding how the Fed might exit from its QE program, including the interest rate it puts on excess bank reserves parked at the Fed and overnight reverse repo agreements.