Either way, traders will be listening intently to the language as investors remain convinced that current policy remains solidly in place.
The reason for the change in language is simple. Recall the confusion that was created after the March 2014 Fed announcement when she suggested that rates could remain low for a "considerable time"? Everyone and their brother were running to define it.
Read MoreHere's why some are expecting a stock selloff...soon
The talking heads tried to suggest what she meant. Meanwhile the algorithms began throwing a temper tantrum tripping over each other trying to hit bids under the assumption that "considerable" meant sooner rather than later. Longer-term asset managers who took advantage of the weakness as the algorithms panicked were licking their chops happy for the confusion that her language created for all of those "smart algos."
As the market continued to come under pressure—Yellen came out a week later and said that she thinks the U.S. job market is still underperforming and will continue to keep rates low for "some time." Those remarks sent a reassuring message to traders. The algorithms switched sides and BOOM: it was off to the races.
Read MoreThe Fed: On course and on the money
This week we are due for a slew of macro economic data. Monday brought us industrial production and capacity utilization; both disappointed.
Over the weekend China's industrial production disappointed, with GDP estimates coming down for the second largest economy in the world. Europe just launched a massive stimulus package to try and stop the bleeding. So is this setting up for the U.S. to raise rates in the middle of continued global struggle?
Watch: Fed versus geopolitics
With each data point traders, analysts and the rest will try to decipher what it means for Wednesday's announcement. But unless the numbers are vastly different than expectations, the data mean nothing to this month's Fed meeting.
The Fed is not changing its thinking on Wednesday because of what it sees on Monday and Tuesday alone. Those conversations have already happened. This two-day meeting is all about how to rewrite the announcement to reflect new interpretations and give the Fed a little leeway in managing expectations.