If he does not use that phrase, he may be open to further interest rate cuts.

If he does not use that phrase, he may be open to further interest rate cuts.

The "dot plot," Chair Jerome Powell's press conference and estimates for U.S. economic growth and inflation are ways the Fed can rein in sentiment.

A cut is something of an “insurance policy against a shattering of the U.S. labor market,” UBS chief economist Paul Donovan noted this morning.

Only in June does a plurality—41.9%—emerge on CME FedWatch for a further cut to 3.25%.

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