Robert Sinche, global head of currency strategy at Pierpont Securities, said the Fed tapering is not likely to be affected by what is currently going on in emerging markets, but that could change if it begins to spread.
"Historically the Fed has not wanted to acknowledge responsibility for issues in foreign countries," said Sinche. "I don't think they'll highlight Turkey or this or that. They monitor it in terms of spillover effect on financial conditions. Everybody's trying to blame the Fed for the problems in the emerging markets. The last thing the Fed wants to do is mention emerging markets."
The selling in emerging markets took off last week after China manufacturing data showed a contraction in activity, spurring concerns about global growth. At the same time, certain vulnerable emerging markets have been attempting to fight inflation and are shouldering high debt burdens as their currencies weaken.
(Watch: Fed Survey: S&P 500 outlook)
Bernanke's final day at the Fed is Friday, when he hands the chairmanship to Vice Chair Janet Yellen. She becomes the 15th chair and the first woman in the role. While perceived by some as even more dovish than Bernanke, she is not expected to veer from the Fed's unwinding of its unusual quantitative easing program.
That program, which has been criticized for potentially encouraging asset bubbles, is also a centerpiece of Bernanke's legacy as a Fed chairman who used extraordinary means to save the economy and revive it after the financial crisis.
Bernanke won the nickname "Helicopter Ben" after he referred to a statement by Nobel economist Milton Friedman about fighting deflation by using a helicopter drop of money.
Another key Fed policy is forward rate guidance, and traders are watching for any nuance in how the Fed refers to that in its statement. The Fed continues to keep its target fed funds rate at zero, and convincing the market that rates will remain low for a long time, even with tapering, is one of the challenges Yellen will inherit.
"There were moments in his tenure in which your ATM card might not have worked," said Ian Lyngen, senior Treasury strategist at CRT Capital. "I think it's really, really easy to look smart when you're asking the question or criticizing, but there are a lot of hard choices Bernanke made. He helped the economy survive, and the biggest risk was that inflation would take off. ... He made a bet and was willing to cover his bet if it went the wrong way, and it didn't."
(Watch: The Fed and income Inequality)
But, Lyngen said, "he may have created some bubbles we don't know about."
Lyngen said the Treasury market has already priced in the next taper and may trade more in reaction to emerging markets ahead of the Fed meeting. "I think that [Turkey] will set the tone for risk assets, and the Treasury market will take its direction accordingly," he added.
(Watch: The Fed and emerging markets)
—By CNBC's Patti Domm. Follow her on Twitter