Wall Street's economists are divided about whether the language will be changed. Goldman Sachs expects the "considerable time" phrase to remain, while Bank of America and JPMorgan expect the "considerable time" phrase to be dropped.
"The characterization of the labor market is at odds with incoming data, and that really is the debate. If the Fed is truly data dependent, then the language has to change," said Rosenberg, BlackRock's chief investment strategist for fixed income. "There is a conflict between the characterization, the language and the data, and that's what's getting the markets into a frenzy in terms of the speculation."
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Jack Ablin, CIO of BMO Private Bank, said he doesn't expect a change in the Fed statement yet, but he said if there is then interest rate sensitive and commodities-related stocks could get hit, as they are vulnerable to a higher dollar.
"I think there's just much ado about nothing," he said. But Ablin did take a look at how different asset classes performed when the yield on the 10-year yield moves higher by 10 basis points or more in the course of a week. The S&P 500 performed the best on average in the nine such occurrences over the past 50 weeks.
"The average return of the S&P was a half percent for the week because rates were rising on better economic news. It's a positive. What got hammered? REITs and gold," he said.
Lindsey Group chief market analyst Peter Boockvar said the focus should be more on the language about labor slack because if the Fed changes that line in the statement, it would be a real indication that it sees less labor slack and rates will rise sooner.
Rosenberg said markets will focus on the language, and then move onto the Fed's forecast and the chart of interest rate expectations of Fed officials, which will now include 2017.
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Goldman Sachs economists expect to see the chart, which uses dots to represent anonymous Fed official forecasts, to show a small increase in the median forecasts for the Fed funds rate to 1.25 percent in 2015, an unchanged 2.5 percent in 2016 and a new rate of 3.5 percent in 2017.
Besides the Fed, there are mortgage applications at 7 a.m. EST, then CPI inflation data and the current account, at 8:30 a.m. EST. The National Association of Home Builders survey is at 10 a.m. Government oil inventories data is at 10:30 a.m. and will be important after West Texas Intermediate crude rallied more than 2 percent Tuesday on comments from OPEC that it expects lower production.
Earnings are expected from FedEx, General Mills, Cracker Barrel and Lennar, ahead of the opening bell. Herman Miller and United Natural Foods report after the close.