— This is the script of CNBC's news report for China's CCTV on October 29, Wednesday.
The FOMC's 2-day meeting is underway and everyone is expecting that the Fed will continue to be patient... and reaffirm its willingness to hold-off a bit longer before hiking interest rates.
And what WILL be a surprise is if they don't announce an end to QE.
A month of concerning headlines - from weakness in Europe to the spread of Ebola has markests believing in a more dovish Fed.
That's according to the latest CNBC Fed Survey... which also showed that 97% of respondents say the current QE program is set to end at the meeting this month.
The Street is still attaching a low probability to QE4... with just about 18% believing that the Fed is likely to launch a new QE program within two years after the current one ends.
That's 4 points higher than the September survey.
CNBC's Steve Liesman has a preview of what else to expect from the Fed.
Two years and 1.5 trillion later, the Federal Reserve is said to end its bond buying program known on the street as QE3 or the third round of quantitative easing since recession.
Wall Street is in general agreement that the Fed will vote to end the program but the real question is : What comes next? According to the CNBC October Survey Wall Street Experts, the central bank is seen raising interest rates only in July 2015 and then hiking them only gradually up to a final point of just 3.3% by the fourth quarter of 2017. That will be the longest mildest rate hike cycle ever. Wall Street even pushed ahead the forecast of the first rate hike and growth in terms of Europe and the spread of Ebola, with survey respondents twice as concerned about the global risk in Europe as they from Ebola
[Jamie Cox / Harris Financial Group Managing Partner] "If the ECB does not get it's act together and sort of work towards the deflation trend that are happening in Europe, I think they can drag us down. There is nothing worse for us than this inflationary environment that having to import deflation from Europe so I think that's the thing that needs to be addressed and if it is we should be just fine."
In fact, Europe is the biggest threat to US recovery, outpacing slow job growth and tax and regulatory policies Not to worry,
Three out of four respondents think the European Central Bank will follow in the Fed's footsteps and announce its own QE program as soon as February. Overall, the street maintains a fairly upbeat view of the economy in 2015, looking for 2.9% growth even while the Fed is expected to hike rates. As for recession, just 15% in the next 12 months.
And not everyone is convinced that QE is going away forever anyway. Respondents see a one out in sixth chance of a return of QE in the next 2 years. Back to you guys.
With all eyes on the FOMC's decision tomorrow --
A CNBC survey has revealed that market participants have scaled back their expectation of a rate hike.
39 respondents now expect the central bank's first rake hike in July 2015... a month later than the September survey.
I'm Qian Chen, reporting from CNBC's Asian headquarters.