"Those words are parsed so carefully that they're very careful about what they're going to say," Olson said. "It's all going to be about the words in the statement… they will do just about the opposite of being creative."
Some market observers said that weak jobs data could prompt the Fed to relax monetary conditions even further, but Kroszner said the central bank will need to see the employment report in July to decide whether the weakness was transitory or it indicated a downward trend.
"I think there's a belief there's an underlying strength in the economy," he said, pointing to the fact that "productivity numbers have been very good" and investment in equipment and software was "pretty good."
Yields on the 10-year US Treasury note stayed below 3 percent, in part pushed down by worries regarding the debt crisis in the euro zone, and some analysts have said this shows the Fed can brush aside fears of price rises because of its extra-loose monetary policy.
"The bond market is telling you there's no worry about inflation out there," Gary Baker, head of European equities strategy at BAML global research, told CNBC.
The Fed's statement is due at 12:30 pm New York time and Bernanke's news conference is expected to start at 2:15 pm.
"We expect the Fed to revise down its GDP projections for 2011 and likely raise the core inflation forecast, which should not come as a surprise," the analysts from Barclays Capital wrote.
"We will monitor the press conference to see if the committee's characterization of inflation risk has changed given the trend in core inflation," they added.
The consumer price index for all items excluding volatile food and energy increased 0.3 percent in May, its largest increase since July 2008, while overall inflation was 0.2 percent month-on-month.
The statement is likely to say that headline inflation was pushed higher by a rise in commodity prices but that these have fallen back somewhat and inflation expectations remain stable, Barclays Capital analysts wrote.
"Several FOMC members have made comments in support of a formal inflation target. We expect the committee to discuss this topic in depth during its June meeting and would not be surprised to hear the chairman characterize the committee's views on the adoption of an explicit inflation target," they added.