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Fed will go out of its way to be dovish

The Fed Wednesday is expected to announce the end of the extraordinary easing program it first launched during the financial crisis, and markets could shrug it off as long as the Fed sounds dovish.

"Last month, there was this intense speculation about the Fed, and they delivered pretty much nothing. Now there's no speculation, and they're expected to deliver nothing," said John Briggs, head of cross-asset strategy at RBS.

Fed watchers say the Fed is unlikely to change the language in its statement about keeping rates low for a "considerable time." That was the focus of speculation last month, as was the idea that it could alter the language about labor market conditions.