The indices ahead of the feds. Dia is down. You have the qqq, the qs down. 5 . The spy that tracks the s p 500 and that is lower. The iwm that tracks the russell 2,000 and that is down. There is the tenyear note, the yield at 2. 02. Gold up at 11. 53 an ounce. The euro is down i guess the euro is up against the dollar at 1. 06 and west texas crude is down another 2 . Look at that 42 quote on west texas crude. Lets get right to our senior economics reporter Steve Liesman on a roof somewhere in washington. On the feds roof. And i want to spend a minute because certainly someone just tuned in and said why are people spending all this time on the wort patient and why does it matter . And the reason why it matters so much is it gives the fed flexibility to hike Interest Rates. That word meant they would not hike Interest Rates for two meetings. It comes out as expected and gives them flexibility and begins a debate that has to do with valuing stocks and bonds over how quickly the hike rates and when does it begin and ends a period of precommitment that used to have the form of considerable time extended period. They had a date in there through 2013. So now its going to be all about data dependence. Removing patient is just one of the things that is going to happen. A few other changes that will come to the statement, i believe, look for growth to be marked down a little bit. Probably more like moderate now. More in the 2s than it is in the 3s. They could be more concerned about lower in forwardlooking statements in there. I have my doubts whether they mention the currency in the statement. And finally look for the dots to be moved lower. The feds expectations for rates going to come back down toward the market. As they remove patient i expect them to signal there will be patience about when and how much they raise them. The entire financial world has its eye on ms. Yellen chair yellen and the fed. Will she lay out a plan for rate hikes . Steve laid out his ideas of what may ensue here in an hours time. Is this the end of a patient Federal Reserve . Lets start to scott mather. He works for pimco. Good to see you. What do you think the fed will say and is anything the fed is likely to say today going to change anything you do later today . Yeah, good morning, tyler and andy. The fed will remove patience but they want to keep a summer timetable for peoples expectations. And we think that is really appropriate. Of course there are many people that wonder if there is some sort of you know, apocalyptic armageddon scenario that unfolds if they move off zero. We dont think that is the case. We think they will indicate the costs and risks of staying at zero are greater than the costs and risks of moving. We are sticking with our view they will begin to move rates in the summer time. But they will be moving very slowly not many mechanical fashion up to a neutral policy rate of around 2 . But thats probably the best way to prolong the expansion. We are in a different phase of the Monetary Policy cycle. That means they are continue to be pressure for the dollar to move stronger. It probably means that there be twoway price action. That will create quite a few opportunities in the future. If you think they are likely to remove the word patient or patience will they likely replace it with qualifying language to communicate that they are going to when they start hike do it in a gradual manner to keep the benign calm in the markets they are hoping for as opposed to removing the word and letting the markets be confused. We think were in the point in the cycle where they dont mind encouraging volatility. They are not doing everything they can to make sure there is no volatility. They may be willing to build in more risk. That gives them more flexibility. We doubt they will introduce more code words and will use the press conference to indication what they plan on doing. Without telling your competitors what youre doing, i am curious what if anything youve been doing in preparation for this what you are likely to do over the next few months and what if anything you recommend the individual investor who owns bonds or bond funds to do. We have been preparing for this for many months its a different sort of environment than in the last few years. I think we are well prepared for what the fed will do today. I think the most important thing for individual investors is to take a look at their portfolio and ask themselves do they have an above average level of risk. If they do its a good time to cut back on that. We do expect it will be bumpier for Financial Markets in the next few quarters. In the bond portfolios we own shorter duration. We shortened the maturity to protect from Interest Rate rises. The market is still not priced for our expectation of the development of the policy rate path. We really do believe it is certain to begin in the summer time. So its really some of the short maturity bonds that stand to lose the most as the fed begins to move. It also means that credit curves may steepen and spreads may widen a bit. That is to be expected. So we shortened up the matureties and focused on the theme of Dollar Strength and looking for opportunities to take bond risk in foreign markets, markets closely related to the u. S. Monetary policy cycle. That was helpful. Im sure we will be talking to you over the next few weeks and months. Scott mather of pimco. Stocks are in the red right now. But lets get more of the trading action. From the floor of the nyc. Largely Financial Markets have discounted the removal of the patience language. So i guess the surprise would be if they keep it in. It looks like they are not that worried. While we are just off the lows for the day. We have been in a range between 2,000 and 2100. And we are in the middle of that range. The important thing im seeing is they are trying to find bottom in oil stocks. But if you look at sectors of the oil industry very heavy volume again. And that is going positive on a day when oil is still to the downside. They are still look to buy oil stocks down here. This is a story ive been reporting on for two months now. Some day it will be there. I wish there was a clear bottom in the commodity metal group. You can see this is copper. This is aluminum nickel all of that still near sixyear lows. The bottom line is we are still, the commodity complex suffering from the strong dollar. Back to you. Tyler here check out Sears Holdings making its way to the flat line. Now dow jones citing unnamed sources saying that sears vendors are requesting better Payment Terms to offset risks of supplying the companies with goods and merchandise. But it locks up a larger percentage of the companys cash. A spokesperson for sears told the dow jones it is meeting all of its obligations but the shares are lower and trying to climb back. Climbing down to the fed statement. Are policymakers losing patience. Power lunch will be there tick by tick second by second. Markets reacting ahead of the news. Gold fourmonth low ahead of the fed. And two major developing stories at this hour a shooting attack in tunisia. Scores are dead there. And protests at the European Central bank turned violent. Those stories after this. Anything worth pursuing requires knowledge, hard work and a plan. At baird, we approach your Wealth Management strategy the same way to create a Financial Plan built to last from generation to generation. Well listen. Well talk. Well plan. Baird. Now with the xfinity tv go app, you can watch live tv anytime. Its never been easier with so Many Networks all in one place. Get live tv whenever you want. The xfinity tv go app. Now with live tv on the go. Enjoy over wifi or on Verizon Wireless 4g lte. Plus enjoy special savings when you purchase any new Verizon Wireless smartphone or tablet from comcast. Visit comcast. Com wireless to learn more. Sony shares are jumping after the Company Launched playstation view starting at 49. 99 a month. It offers live and on demand tv offering 50 channels. Shares of navistar are on the downside after it was downgraded. And General Motors has been trading lower as well and off by 1 after announcing it is shutting down its factory in russia. Gm expected to record 600 million in special charges. And those are the headlines. Over to you. A major story, a shooting attack at a major museum in tunisia. Details are sketchy but our chief International Correspondent is here to tell us what is going on. A dramatic situation. Gunmen opened fire in tunisias capital killing 22 people including 17 foreign tourists. A later raid by Security Forces left two gunmen and one Security Office dead. Security officers filled the area after the attack and it wasnt clear who the attackers were or if they took hostages but the interior Ministry Spokesman said that the standoff was over after the raid. Television shows many Museum Visitors being led to safety after the standoff. Is it the first attack in tunisia in years. It is struggling to keep violence at bay. The attack comes the day after Security Officials confirm the death in libya of a leading suspect in tunisian militant attacks. At least two more accomplices could still be at large. And tyler, tunisia, the birthplace of the arab spring where there was so much hope. It was the birthplace of it and it moved to egypt and beyond. But thats where it began. Hundreds of anti us a tellity protesters clashed with police in frankfurt, germany. It took place near the European Central banks new headquarters. They blame the ecb for causing unemployment in the eurozone. More than a dozen officers and 20 protesters have been injured. Stocks are staiding lower right now ahead of the fed statement and Janet YellensNews Conference. What is the market looking for here. Lets bring in two analysts. Art, what would you like to see today . One of the things that we have been talking about forever is the word patience and that needs to come out and the reason it needs to come out is that it doesnt mean we are going to have a lift up in june although we may well. But the fed will be data dependent from this point forward and the data on the employment side of things has gotten much better but its there is a basket of Economic Data that has not gotten better. But removing the word patience gives them an opportunity to move when they need to. And the markets have done a good job of pricing that in. You are right. Employment data is better but inflation is benign and below the 2 target. And Industrial Production housing data retail sales has been less than stellar. Darren, would it be a mistake to raise rates this year or is this the right course of action . I think raising rates is the right course of action. And removing the word patience makes sense. It will trickle back in the economy. Multinationals will have a harder time on the earnings front and it could put downward pressure on employment. That will give the fed a little bit longer but the fed has to raise it. But you have increased your International Exposure. The global Money Managers who are underweight u. S. Equities is the highest since 2008 the fact that you are increasing International Exposure over are u. S. Are you are concerned about the rising rate environment . The strength in the dollar and the weakness of the euro the u. S. Market outperformed the International Markets six years a row. A rotation is due. And the European Central bank cut rates. The euro has weakened. Were starting to see upgrades to growth in europe and downgrades in the United States. Its timely to shuffle money out of the United States into europe. I think you have to be cautious and hedge part of the currency risk. The strong dollar here is making you prefer u. S. Stocks no . Darin is correct. He buried the lead by talking about hedging the currency. If you can hire darin to run your money for you, youre in a great position. Thanks, art. But if you cant the other way is to have a hedge etf or look at the u. S. The strong dollar at some point in time is going to be a magnet in global capital. Got it. Sorry, got to break it up. But thank you very much for joining us. Well be right back after this break. And if necessary, it will even brake all by itself. It is a luxury suv engineered to get you there and back safely. For tomorrow is another fight. The 2015 mclass. See your authorized dealer for exceptional offers through mercedesbenz financial services. In my world, wall isnt a street. Return on investment isnt the only return im looking forward to. For some every dollar is earned with sweat, sacrifice, courage. Which is why usaa is honored to help our members with everything from investing for retirement to saving for college. Our commitment to current and former military members and their families is without equal. Start investing with as little as fifty dollars. In new york state, were reinventing how we do business so businesses can reinvent the world. From pharmaceuticals to 3d prototyping, biotech to clean energy. Whether your business is moving, expanding or just getting started. Only new york offers you zero taxes for 10 years with startup ny business incubators that Partner Companies with universities, and Venture Capital funding for high growth industries. See how new york can grow your business and create jobs. Visit ny. Gov business im jane wells at the starbucks Shareholder Meeting where the Company Announced a two for one stock split. This is the first time it has done this in almost a decade. The stock is near record highs. Shareholders of record will get an extra share for the one they have. It will begin trading on a split adjusted basis on april 9th. Second quarter nongaap range is 3233 cents a share. A full year eps between 1. 55 and 1. 57. Starbucks will be rolling out delivery in the second half of this year in seattle and in certain buildings in new york. And this smorng, Howard Schultz will talk about the race together initiatives to get people talking about race. It hasnt gone over very well in social media. There will be a surprise musical guest. We dont know who yet. Heard schultz will be on with jim cramer on mad money. To heck with the stock split. I love the idea of delivery, jane. Yes, that should go over big. Testing in a Green Apron Service in certain buildings in new york where you can order and pay on the app. In seattle they team up with a Company DeliveryService Called post mates. When Howard Schultz joins jim cramer fun ensues. It will be interesting. Tonight, mad money 6 00 eastern time. Check on the bond market. Rick . I have a coffee pot in my office so its immediate delivery. If you look at the twoday chart of tenyear yields we are getting close to 2 . It has been since the 27th of february since we have closed under 2 . And it was brief. Now if we look at whats going on in boons. 19. 5 basis point settlement new all time yield close. What is going on with the junk etfs . They are moving lower. Its all about credit isnt it. Lowest level since about the second week of january. And our last chart a twoday chart of the euro versus the dollar. A couple of day holiday from selling euros, were in the midst of it. Will the holiday end when the statement comes out. We are minutes away from the feds latest statement and forecast on the economy followed by yellens News Conference. We have some fivestar stock plays for you. As we head out. Get a check on oil crude inventories rising to record highs, as a result prices hitting a sixyear low, falling to 42. 05 today. We are currently at 42. 52. Howard schultz will be on mad money tonight at 6 00 p. M. Eastern on cnbc. And he announced a two for one stock split. Stick around. [ male announcer ] your love for trading never stops. So if you get a trade idea about, say organic food stocks schwab can help. With a trading specialist just a tap away. Whats on your mind lisa . Id like to talk about a trade idea. Lets hear it. [ male announcer ] see how schwab can help light a way forward. So you can make your move wherever you are. And start working on your next big idea. Now with the xfinity tv go app, you can watch live tv anytime. Its never been easier with so Many Networks all in one place. Get live tv whenever you want. The xfinity tv go app. Now with live tv on the go. Enjoy over wifi or on Verizon Wireless 4g lte. Plus enjoy special savings when you purchase any new Verizon Wireless smartphone or tablet from comcast. Visit comcast. Com wireless to learn more. Heres your cnbc news update for this hour. The white house saying it will evaluate its approach on the middle east Peace Process after israeli Prime MinisterBenjamin Netanyahu right wing ruling party scored a victory in the parliamentary election. President obama and netanyahu have been at odds. Mexicos finance minister says the country will face problems next year. Mexico is