Handicapping The Telegraphing

The consensus expectation for the telegraphing of a future Fed Funds rate hike, according to a Marketwatch report webbed by Yahoo! Finance, is April. Next month, according to that handicapping, the Fed's releases will no longer use the term "extended period" for its zero-interest-rate policy.

Continued positive economic data may serve as the catalyst for Fed officials to end the "extended period" pledge in April, Fed watchers said.

Altering the wording would be a clear signal that the Fed is more sanguine about the economic outlook and believes ultra-low rates are no longer necessary -- and financial markets would react accordingly.

For the time being, however, the Federal Open Market Committee "will stay the course" and not make significant changes to the wording of the statement, economists at Barclays Capital said.

We'll see at 2:15 PM...