Investors were anxious as the Federal Open Market Committee kicked off a two-day policy meeting, to be followed by a statement from Fed Chair Janet Yellen on Wednesday afternoon.
Most economists expect the Fed to remove a pledge to be “patient’’ about raising interest rates from its statement. Market strategists said with or without a change in the language, the Fed may still be on track to raise rates as early as June.
“People are waiting for the Fed to provide some degree of clarity,’’ said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
In addition to anxiety about the Fed statement, options expiration on Friday may have contributed to the day’s volatility, said Bruce Zaro, chief technical strategist, Bolton Global Asset Management in Boston.
While higher rates would be a sign of strength in the US economy, some investors question whether the economy is strong enough to handle increased borrowing costs.
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