Fed Decision Day Guide From Yellen Debut to Overhaul of Guidance

Here’s what to look for when the Federal Open Market Committee releases its policy statement at 2 p.m. today in Washington along with new economic projections. It is the first meeting led by Federal Reserve Chair Janet Yellen, who plans to give a press conference at 2:30 p.m.

-- Rate-guidance overhaul: The FOMC will probably switch to “qualitative guidance” to convey its message that borrowing costs are likely to stay low until the economy improves, dropping a pledge to avoid raising the benchmark interest rate as long as unemployment exceeds 6.5 percent, according to 76 percent of economists in a Bloomberg News survey March 14-17. Officials including Philadelphia Fed President Charles Plosser, a voter on policy this year, said the FOMC should scrap the commitment now that unemployment is nearing the threshold.