HERE COMES THE FED DECISION...

Heads up! We are minutes away from the release of the statement detailing the decision on monetary policy resulting from the FOMC's March meeting, due out at 2 PM ET.

The consensus view among market economists is that the FOMC will taper the pace of its quantitative easing program by another $10 billion per month, and shift toward more "qualitative" guidance on the likely future path of short-term interest rates, possibly by dropping the 6.5% unemployment rate threshold introduced via the "Evans rule" in December 2012.

Also of interest are updates to the FOMC's Staff Economic Projections for unemployment, inflation, and the likely path of the fed funds rate, which will be released alongside the statement.

This is the FOMC's first meeting under the leadership of new Federal Reserve Chairwoman Janet Yellen. She will hold her first FOMC press conference and Q&A session with reporters at 2:30 PM.

We will have the full statement LIVE at 2 PM ET. Click here to refresh for the latest updates »