Another interest rate hike in March is a 'done deal' among market participants and a pause is likely to come after that in May.

Long-term U.S. interest rates have risen as the market has started to price in the likelihood that the Federal Reserve will keep raising rates beyond 5 percent.

The market is closely watching if there are any other comments on the US economy or interest rate hikes as the Fed meeting (on January 31) is getting closer.

The forecast of a narrowing of the trade deficit forecast is only after the record deficit last time.

The euro doesn't look like getting out of its recent range.

I don't think the Fed will surprise the market but it will see if there are any hints available from the statement.