With the Fed Interest Rate Decision only minutes away, the markets are in a holding pattern. It has been a rough session for the USD. At least for the moment, the damage has ceased. U.S. indices are currently in the green with the DJIA up almost 100 points and S&P 500 twelve.

The big news today is the developments in the Facebook data-breach scandal. Reports are surfacing that CEO Mark Zuckerberg is to address the public in the next 24 hours. It is much needed, as Facebook stock is making a comeback after big losses during the Monday/Tuesday sessions.

Things To Watch For In The FED Meeting

There are several things to look for as Jerome Powell makes his debut as FED Chairman. As the statements unfold, traders will be waiting for comments addressing the following questions:

Is the FED sticking to estimates of sub-4% unemployment for 2018?
Are four rate hikes still in the cards for the remainder of the calendar year?
Is the process of “unwinding” the FED balance sheet due to start anytime soon?

Be on the lookout for verbiage surrounding these issues. In addition, the tone Powell brings to the announcements will be scrutinized by market participants. If something appears even remotely amiss, be ready for a knee-jerk reaction from paranoid short-term traders.

Overview: I am getting out the popcorn and settling in to watch the proceedings. Although nothing earth-shattering is expected, anything is possible. As always, have your stops down and leverage in check when Powell takes the stage.