"Attention has shifted towards the Fed's balance sheet policy in recent months with multiple speeches by Fed officials stressing the need for a well-communicated, smooth winding down," Nomura notes.

In that regard, Nomura thinks that it's most likely that there will be no significant change in language as it relates to the balance sheet.

"However, there is some possibility that the committee will attempt to provide more clarity regarding specifics of the long-term trajectory of the adjustment process," Nomura adds - efxnews.

Nomura Research expects no change in short-term interest rate policy at today's FOMC meeting.