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This week, investors will be focused on the Fed\u2019s second Federal Open Market Committee (FOMC) meeting of the year.\xa0 They are widely expected to make no change in interest rates.\xa0 However, Fed communications will provide guidance on two important subjects:\xa0 First, they will update their summary of economic projections and their \u201cdot-plot\u201d forecast for the federal funds rate.\xa0 Second, and particularly in Chairman Powell\u2019s press conference, they will likely provide some further hints on when and how they could begin to phase out quantitative tightening.\xa0 While their messaging will likely continue to point towards monetary easing in the months ahead, the implied timing and extent of that easing could have major impact on markets.