HERE COMES THE FED ...

At the top of the hour, the Federal Reserve will announce its latest monetary policy decision.

Currently, the Fed has interest rates pegged at 0%-0.25%, where they've been since December 2008.

Markets are pricing in about a 30% chance the Fed raises rates today while Wall Street economists are more or less split on whether the Fed will act.

Following the announcement, Fed chair Janet Yellen will hold a press conference, scheduled to start at 2:30 p.m. ET.

Neil Dutta at Renaissance Macro said in a quick note ahead of the report, "Just a thought: every financial media outlet is referring to today as an 'historic moment' and the futures market does not expect any change to rates."

Just something to keep in mind.

Ahead of the announcement, stocks were very slightly higher and bond prices weren't doing much. In short, everything is on hold until the Fed makes their move (or doesn't).

Over the last week, Wall Street strategists and economists have thrown out a number of possibilities for how markets might interpret today's action from the Fed, with explanations ranging from a "hawkish hold" to a "dovish hike."

Of course, all of this will come during the post-announcement analysis: the next big step is finding out whether the Fed acts or sits tight.

We'll be back with the complete statement and market reaction when it crosses.