US inflation expectations, as measured by the 10-year breakeven inflation rate per the St. Louis Federal Reserve (FRED) data, printed a four-day fall with Tuesday’s reading of 2.37%, per the data source Reuters.

In doing so, the inflation indicator declines to the lowest levels since September 30 as the US Federal Reserve (Fed) officials brace for the monetary policy actions amid the Omicron woes.

It’s worth noting that the US Producer Price Index (PPI) for November refreshed the record top to 9.6% YoY, versus the previous 8.6%, which in turn kept inflation fears on the table.

Given the mixed concerns over the inflation and the fears of South Africa-linked coronavirus, variant, dubbed as Omicron, the Fed has the key role to play during today’s monetary policy meeting. That said, market players expect faster tapering and rate hike clues during today’s Fed meeting.

Read: Fed Interest Rate Decision Preview: Can the FOMC satisfy and mollify the markets?