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Heads up: minutes away from the Federal Reserve’s March FOMC statement on monetary policy.

The statement is due out at 2 PM ET, followed by a press conference and Q&A with Fed Chairman Ben Bernanke at 2:30 PM.

Today, the Fed will be updating its macroeconomic forecasts, which will be of interest to market observers. Analysts expect the Fed to address the negative impact of the sequester on the U.S. economy.

As always, markets will be listening closely for changes in the Chairman’s language that may hint at when the Fed will begin to actually taper bond purchases under its quantitative easing program. Most expect this to happen in late 2013 or 2014.

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