• On a quiet day for data releases, markets will continue to ruminate on last night's FOMC policy decision and statement. As expected, the Fed excised the word 'patient' from its forward guidance. However, Fed Chair Yellen emphasised that the timing of any policy change will be data-dependent. In particular she noted that the Committee wanted to see further labour market gains as well solid signs that inflation was returning to target. 
  
  
• This morning's policy decisions by the Swiss and Norwegian central banks will also be of interest. After cutting its key rate  to -0.75%  in January, the SNB is not expected to change policy. On the other hand, the Norges Bank is expected to continue its easing cycle with a 25bp cut to 1.00%, partly on the back of a weaker outlook for activity as the impact of the decline in the oil price feeds through.
  
  
• Recent US survey data, including the ISM and Empire manufacturing indices, as well as industrial production and factory orders, have suggested a moderation in economic activity during Q1. Despite being somewhat erratic, today's Philadelphia Fed survey of business optimism will be watched for a further gauge on growth prospects. After an unexpectedly sharp jump in November to 40.2, which was its highest print since December 1993, the net balance has retreated markedly to 5.2 in February. We foresee the index rising to 9.5 in March which is a little above its long-run average.