Yellen's swan(dove?)song: no change expected....>

FED: Yellen's swan(dove?)song: no change expected in favour of March hike.

-JPM's Feroli believes the Fed may repeat its commentary surrounding inflation

despite recent uptick "in case it's a head fake and they have to reverse course"

at a later date.

-Barclays expect a non-event, with FOMC continuing to assess "the degree to

which disinflationary trends are persistent", unlikely to alter its view that 3

hikes this year is appropriate.

-SocGen sees possibility of a modest upgrade to inflation language, heightening

expectations of a March move in interest rates.

-Rafiki's Englander sees the statement reflecting improved economic conditions

but, given how hawkish markets are leaning, this may come across slightly more

dovish than expected.

-Voter rotation: Mester (Cleveland), Williams (San Fran), Barkin (Richmond) and

Bostic (Atlanta) are now voters with Kaplan (Dallas), Harker (Philadelphia),

Kashkari (Minneapolis) and Evans (Chicago) losing their votes. Reminder: there

is no press conference or update to projections today.