He'll be looking for the comment "considerable time" to remain in place, as the Fed talks about its continuing pledge to keep rates near zero.
Caron said, if it remains, he and other Street pros will take the language as a signal the Fed is still very active in its attempts to goose employment, and therefore the broad economy.
Although there's a constituency in the market that believes the Fed may also slow the rate at which it winds down QE, Caron doesn't think that scenario is likely. "The Fed doesn't have a huge appetite for QE, anymore" Caron said on CNBC's "Power Lunch."
In part, that's because QE has generated a chase for yield that has sent money into stocks. "But we're getting to a point that equity markets are moving faster than underlying earnings can support," Caron said.
In turn, "I think the Fed is looking to tap on the brakes lightly," Caron said, but not to the point that it harms business.
Read MoreWelcome to the low rates era, says Pro
And by winding down QE but keeping the language "considerable time" in the Fed statement, "The Fed can orchestrate a slow and gradual liftoff," Caron said, exactly what they're looking to do.