Here comes the Fed ...

The Federal Reserve will release its latest decision on monetary policy at 2 p.m. ET.

Economists think there is zero chance that the Fed's policy-setting committee will lift its benchmark interest rate above the range of 0.25% to 0.50% it raised it to in December.

For many, the next plausible chance of a rate hike is in June. That makes Wednesday's statement kind of a non-event.

However, economists will be peeling the forthcoming statement, which follows the FOMC's two-day meeting, for a few important things.

They'd want to know how the Fed is assessing risks to the US economy, and what this says about the prospects for higher interest rates in June or later this year.

As we noted in our preview, the Fed could reintroduce language that indicates whether the balance of risks to its growth and inflation outlook are skewed to the upside or the downside. The tilt would be the biggest confirmation or red light for those counting on a June rate hike, according to John Herrmann, director of interest rates and sales trading at Mitsubishi UFJ.

The Fed has highlighted global economic conditions as posing risks to the US. Whether it maintains this outward-looking caution will be monitored.

Stocks were trading little changed ahead of the statement. Treasuries rallied, with the benchmark 10-year yield falling four basis points to 1.89%.

We'll have all the details of the statement, its full text and any market reaction at the top of the hour, so refresh this page for updates.