Since raising interest rates in December 2015, sending stock markets into a frenetic sell-off in January, the Fed has maintained its narrative that any forthcoming rate hikes will be data-dependent.
Many market watchers do not think a hike is on the cards when the Federal Open Market Committee meets on March 15-16, but they will be looking for clues on the Fed's future policy outlook.
Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note on Friday that there was a Fed-markets divergence.
"In particular, the Fed's median "dot plot" showing Fed decision makers' expected path for interest rates going forward is likely to show more interest rate hikes this year, but only three 0.25 [percent] hikes down from four," said Oliver, compared to market expectations for no more than one hike in 2016.
The so-called dot plot is released as part of the FOMC's Summary of Economic Projections, alongside its policy decision statement, and shows where individual committee members think interest rates should be in the current year and in future years.
But, Oliver added, the Fed and the market are likely to come closer together in their expectations over interest rate hikes this year.
Japan's central bank commences a two-day meeting starting March 14.
The Bank of Japan's surprise decision on January 29 to adopt a negative interest rate policy did little to stabilize financial markets; instead, it bolstered appetite for the safe-haven yen, with the currency strengthening against the dollar.
Moody's Analytics said it expected the BOJ to keep its pace of asset purchases unchanged.
"After ushering in negative interest rates on excess reserves in January, we believe this meeting is unlikely to ignite fireworks. But inflation remains consistently below the BOJ's 2 [percent] target. Therefore, further monetary easing isn't off the cards just yet," Moody's said in a note on Friday.