All Eyes On Federal Reserve Policy Decision

Wednesday's Federal Reserve meeting announcement at 2 p.m. ET will be one of the most-awaited policy decision statements in the past several years. The key focus will be on the language, with some economists expecting the Fed to remove the "considerable time" language.

The inflation outlook, especially given the big drop in oil and Wednesday's weak CPI date, will also be closely monitored.

While it is expected that rates will remain unchanged at a range of 0 to 0.25 percent, guidance regarding when rates may begin to rise will also be closely scrutinized. Some analysts are projecting the first rate hike mid-2015.

Economists Sven Jari Stehn and David Mericle at Goldman Sachs came out with the following regarding their take on the Fed decision:

"We expect modest upgrades to Fed officials' projections and to the description of growth and the labor market in the FOMC statement, while the inflation forecasts are likely to come down a bit. These expectations for the economic projections would suggest that the "dots" remain broadly unchanged. We expect the FOMC to modify its "considerable time" forward guidance. One possibility would be to state that the committee will be "patient" in raising the funds rate until it is clear that the economy is on the path to achieving the FOMC's goals."

The SPDR S&P 500 ETF Trust SPY was trading slightly higher, about 0.35 percent at $198.58, in the premarket.