FOMC: At 14:00ET/19:00GMT on Wednesday the Fed will announce its rate decision and release a statement with the updated Summary of Economic Projections (SEPs) which will include the Fed “Dots”. A separate release or “implementation note” will detail the specific measures the Committee will use to implement the policy change. Chair Janet Yellen’s press conference will begin at 14:30ET/19:30GMT. The Fed has been quite clear communicating their intention to raise rates at this meeting so banks are almost unanimously expecting the first increase in the Fed Funds rate in 9 years. Ongoing strength in labour markets and expectations that inflation will rise towards their target on wage growth and the base effects in energy prices has been their justification for the increase in the target range for fed funds. Most participants have shifted focus to the changes in the committees’ forwards guidance to get a sense for the path of fed funds after lift-off. With the release of the statement, we will also get undated SEPs for unemployment, GDP, Inflation, Unemployment, and the “dots” showing projections for Fed Funds rate over the next 3 years. It is widely expected that this will be a “dovish” hike where they will offset the rate hike by lowering the dots for 2016 & 2017 which will put the Feds projections more in-line with market expectations and reinforce the message that policy changes will be gradual.