US Fed likely to drop “patient” reference

With the labour market still evidently on fire in Feb, the FOMC statement (18.00 GMT) likely to omit the language that the Fed can be "patient" in beginning to normalise monetary policy. 

Capital Economics notes in a report on Tuesday:

• Even with headline inflation below zero, we then anticipate a first hike in June, with the FOMC pushing the target range for the fed funds rate to 1.00-1.25% by the end of this year and 2.75-3.00% by end-2016.