The Fed is expected to move forward with a $10 billion taper of its bond-buying program, despite market talk that a shakeout in emerging markets could give it pause.
Some Fed watchers do not see the selloff as an issue the Fed will even comment directly on in its 2 p.m. ET statement Wednesday afternoon, though it will likely be discussed by the members of the Federal Open Market Committee.
Emerging markets were rattled again Wednesday after rebounding late Tuesday and early Wednesday on Turkey's surprisingly sharp rate hike. But the magnitude of the hike, nearly 5 percentage points to 12 percent—raised concerns that the increase in rates will hurt the country's economy and defeat the effort to strengthen the currency.