The Federal Open Market Committee is due to meet on Tuesday and Wednesday to decide on the next steps for U.S. monetary policy.
Rising inflation is a major concern for the U.S. central bank andis due to brief the media Wednesday afternoon local time after the FOMC releases its statement.
"Markets have been trading cautiously ahead of this week's FOMC statement, which is expected to be hawkish and potentially outline the case for interest rate rises starting in March," ANZ Research analysts wrote in a Monday morning note. They said they are doubtful that the Fed would end quantitative easing this week as some in the market speculate.
"We are also doubtful that the Fed would begin to tighten policy with a 50bps rate rise. Markets may stabilise if the Fed is not as hawkish as some worst case fears suggest," the ANZ analysts added.
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