eFXdata reports that analysts at TD Research offer their expectations for today's FOMC policy decision. 

"Risks to today's event are biased to the hawkish end, but we wonder how much follow-through the USD might get. For one thing, the recent plunge in risk sentiment has elevated USD positioning and short-term valuations towards extremes."

"For another, while the dots and taper signal might be hawkish, any follow-through will hinge on Powell's tone in the presser. He's likely to sound more patient on the rate hike sequence and may also try to discuss the transitory nature of inflation."