Here's a One-Chart Preview of Today's Fed Decision

It's Fed day today. Matthew Boesler has a thorough preview of what to watch for and what economists are expecting from the announcement and press conference this afternoon.

By far the biggest question is whether the Fed will drop the word "patient" from its statement. If it does drop the word, it creates the possibility of a June rate hike, and it will mark the first time since the financial crisis that the Fed is offering no specific forward guidance as to when rate hikes will come.