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Street awaits Fed 'inflection point'

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters

After easing into a week on low trading volume, stocks will likely find momentum Wednesday afternoon with the scheduled release of the Federal Reserve's statement on monetary policy.

"We are at an inflection point here," said Tom Siomades, head of Hartford Funds Investment Consulting Group. "Things can go really well after Wednesday, or we can go back to the beginning of January or February."

The Federal Open Market Committee is due to conclude its two-day meeting on Wednesday with the 2 p.m. ET release of its statement and economic projections. Those include the highly scrutinized "dot plot," which shows the targets for appropriate federal funds rates by FOMC participants.

Fed Chair Janet Yellen is also scheduled to give a news conference at 2:30 p.m.