Here comes the Fed's statement...

If not, then we should prepare rate hikes to commence in June or perhaps September.

At 2pm ET, the Fed's Open Market Committee will release its statement from its latest monetary policy meeting, held on Tuesday and Wednesday of this week.

Wall Street is looking particularly closely for a change in the language regarding the timing of interest rate hikes. Since December 2014, the statement has read that the Fed "can be patient in beginning to normalize" monetary policy.

Most analysts think the Fed will drop this language in favor of something more data-dependent. A change like that sets up the Fed to hike interest rates sometime later in 2015.

Dropping "patient" today doesn't necessarily imply an interest rate hike in June, particularly because despite fantastic gains in nonfarm payrolls over the last year, other economic indicators in the last couple of months have been weaker than anticipated.

A Bloomberg roundup of notes from this week suggests that analysts are torn between a June or September rate hike, though slightly more think it won't happen until September - even though most are expecting the Fed to drop the "patient" language today.

At 2:30, Fed chair Janet Yellen will hold a press conference.