“Chair Powell’s press conference will pivot away from economic data—given its scarcity—and instead focus on balance sheet policy, the policy framework review, and financial stability,” Deutsche Bank wrote.

“Chair Powell’s press conference will pivot away from economic data—given its scarcity—and instead focus on balance sheet policy, the policy framework review, and financial…

“Earlier this month, markets shifted more towards a 'central back put' regime," Christian Mueller-Glissmann at Goldman wrote in a note to clients.

The central bank is widely expected to approve another quarter percentage point, or 25 basis point, cut to its overnight lending rate at Wednesday's meeting.

Wednesday's decision brings the Fed's key rate down to about 3.9%, from about 4.1%.