Fed waiting for data to break one way or the other

With no scheduled press conference or forecast update at next week's FOMC meeting, expectations about the timing of the Fed's first rate hike will hinge on any changes to the accompanying statement. 

"We expect the Fed to acknowledge that economic growth weakened in the first quarter, but recent comments from Fed officials suggest most think that slowdown is a temporary setback caused by the unseasonably cold winter in the Northeast." said Capital Economics in a report

If the economic data improves in the spring, the Fed is still likely to raise its policy rate later this year, although a June lift-off now appears to be less likely.