FXStreet reports that economist at UOB Group Lee Sue Ann ruled out the likelihood that the Federal Reserve could reduce rates below zero at this week's event.

"The Fed has demonstrated it will do whatever it takes to restore financial market stability, smooth out US dollar funding conditions and safe-guard the economy."

"So more measures (including unscheduled ones) can be expected. That said, we do not think the Fed will want to push rates beyond zero, into negative territory."