Changing semantics of a rate hike

Singapore

THE Federal Open Market Committee's meeting later this week will be closely watched for more insight into when a rate hike should be expected, as well as a fresh batch of forecasts on the US economy.

But it is the Fed's likely choice of words, rather than the new numbers, that has dominated market talk of late. Will the Fed drop its pledge to hold interest rates low for a "considerable time"? What will replace this?