The Federal Reserve to be more upbeat

Wednesday's is Janet Yellen's final FOMC meeting and it was expected to be a bland, passing-of-the-torch sort of meeting but there is increasing talk that there might be more.

"We expect the FOMC to issue a generally upbeat post-meeting statement that includes an upgrade to the balance of risks and a slightly hawkish rewording of the inflation assessment, Jan Hatzius wrote in a note on Saturday. "Taken together, we believe the tone of the statement will be consistent with a hike at the March meeting, barring a sharp weakening in economic conditions."

A hike in March is 93% priced in but three hikes aren't yet fully priced in this year and a hawkish turn could signal more rate rises.

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