The Federal Reserve kicked off its latest Federal Open Market Committee meeting Tuesday to determine the direction of national monetary policy.

Heading into this week's meeting, various analysts suggested another round of operation twist could be coming or even QE3. But most analysts have rejected the idea of more quantitative easing anytime in the near future.

The Wall Street Journal kicked off the FOMC's first meeting day, saying an operation twist extension is the most attractive option, but it will have a limited impact.

Operation Twist is essentially the Fed using proceeds from the sale of short-term securities to buy long-term securities.