Analysts at Moody’s have published their preview, warning that the Federal Reserve is facing a delicate balance:

• “If the market perceives that the Fed is behind the curve in controlling inflation, it would lead to higher inflation expectations and long-term interest rates, potentially weakening the dollar and affecting asset values,”
• While, on the other hand, if the Fed overreacts to inflation, “it could result in tightening monetary policy too much, in turn dampening economic growth”

The FOMC begins their meeting today, Tuesday 14 December 2021 (US time) with the statement due at 1400 ET on Wednesday, 15 December 2021 .

• which is 1900 GMT

Federal Reserve Chair Powell will conduct his post-statement news conference from 1430 ET (1930 GMT).