The Federal Open Market Committee is expected to end its monthly asset purchase programme when it meets on Tuesday and Wednesday, while keeping its overnight lending rate at between zero and 0.25 per cent.
Focus, though, will be on the Fed's assessment of the economy and outlook for monetary policy. It's unclear if the central bank will maintain its pledge to keep interest rates low for a "considerable time" after it stops bond-buying.
Analysts at Deutsche Bank expect the Fed to maintain this language in light of recent US economic data. "We anticipate only cosmetic changes to their economic assessment that will likely reflect a modestly more positive tone on the labor market," said Joesph LaVorgna, chief US economist.
Quantitative easing may turn out to be a gift that keeps on giving for the U.S. economy.
As the Federal Reserve prepares to end its third round of bond buying next week, the central bank plans to hang on to the record $4.48 trillion balance sheet it has accumulated since announcing the first round of purchases in November 2008.