FOMC Preview: What Market Guru Ron Insana Is Watching

On Wednesday afternoon, the FOMC is expected to release a statement at 2:00pm ET, with a press conference 30 minutes after.

Most investors will be focused on whether or not the word "patient" is included.

Market expert Ron Insana recently shared his thoughts with Benzinga on what he's watching before the event:

'A Layman's Guide to Patience' If the Federal Reserve decides that it no longer plans to be "patient" in raising interest rates, one can expect the door to open to a mid-year interest rate hike. Now that may, or may not be, true. Janet Yellen, Chair of the Fed, has indicated that removal of the word "patient" can precede a rate hike by as few as two meetings … that would be June. However, it does not necessarily mean the rate hike will come, since the Fed remains "data dependent." And the data, lately, has been softer than expected. Another first quarter "soft patch" has emerged just as the world economy is hardly providing an extra lift to the US. Quite the contrary. The world economy is still weak. The dollar is still strong. Inflation is still falling, both here and abroad. The Fed can easily remain patient, but it may be impatient when it comes to signaling its future intent to normalize policy. While nothing is set in stone, all bets suggest that patience is no longer a virtue at the Fed. We'll know almost immediately, however, whether the markets agree or not. The Fed may test the market's so-called "reaction function" by removing the word patient from its statement language. The market, and incoming data, will determine if the Fed's newfound impatience is also imprudent.