The Federal Open Market Committee meets Tuesday and the central bank’s forecasts will be out at 2 p.m. E.T.

This will be followed by remarks from Federal Reserve chair Janet Yellen at 2:30 p.m.

Most everyone expects that despite the first quarter contraction in GDP, the FOMC will taper its asset purchase program by $10 billion to $35 billion.

Effective July 1, the Fed is expected to reduce its asset purchases to $15 billion in agency mortgage backed securities and $20 billion in Treasurys.

Analysts also expect the central bank to maintain its current forward guidance language on federal funds rate support.

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