eFXdata reports that Barclays Research discusses its expectations for today’s FOMC policy meeting.

"We expect the July meeting to be focused on strategy, including how to taper when the time comes and finalizing the design of the standing repo facility. On the “how” of tapering, we continue to believe that the committee will taper its purchases mortgage-backed securities and Treasuries simultaneously and proportionately. While we strongly doubt that participants have seen enough progress to signal tapering is forthcoming, we think the Fed’s communication will become incrementally more hawkish in the assessment of the balance of risks," Barclays notes.