Today’s FOMC will largely be focused on the economic outlook of committee members. Particularly, we should be looking for changes to the Summary of Economic Projections (SEP). Markets are awaiting this information as it will likely inform the Fed’s reaction function to economic improvement. However, it probably makes sense to look past the immediate term and realize that the Fed is boxed in by its objectives of maximum employment, i.e. until unemployment improves they cannot move interest rates. Further, there are likely to be a lot of questions surrounding the recent bond sell-off in order to assess the Fed’s tolerance of this move. So for Chair Powell has been steadfast in his commitment to looking past “transitory inflation”, but markets will likely be looking for reassurance.