HERE COMES THE FOMC...

REUTERS/Jonathan ErnstU.S. Federal Reserve Chair Janet Yellen testifies on the economy before the Joint Economic Committee on Capitol Hill in Washington May 7, 2014.

The Federal Reserve's Federal Open Market Committee is set to announce its latest monetary policy decision at the top of the hour.

The FOMC is expected to keep interest rates between 0% and 0.25% and taper its monthly asset purchases by another $10 billion.

The FOMC's announcement, which is not accompanied by a press conference from Fed Chair Janet Yellen, comes on the heels of a better than expected GDP report this morning.

With Yellen not set to speak, more attention will likely be paid to the language used by the Committee in its announcement, with observers looking for any clues about the Fed's view of the labor market and the pace of economic activity.

"The FOMC might choose to upgrade the language on growth in economic activity somewhat, and it might also strengthen the language on labor market indicators a touch in recognition of the strong June employment report," said Goldman Sachs' David Mericle.

We'll be back with live coverage when the announcement is released.