LIVE: Janet Yellen explains the latest tweak to monetary policy

Federal Reserve chair Janet Yellen will hold a press conference at 2:30pm EST following the release of the Federal Open Market Commit te statement Wednesday.

The statement, which summarizes the Fed's outlook on the economy after this week's two-day FOMC meeting, dropped the language previous about interest rate policy - that the Fed can be "patient" in approaching interest rate hikes - with language that says current interest rate policy "remains appropriate."

Look for Yellen to address a lot of clarifying questions about the Fed's position on interest rates.

Even though the FOMC changed the "patient" language, this doesn't necessarily mean the Fed will hike rates right away. Wall Street is still torn between a June rate hike and September - although most analysts think it will be one of the two.

More to come...

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