international economic policy correspondent michael mckeon is watching. what are we focused on? >> let's take a look at it with as you said that human eyes. the fed is announcing a taper. we know that. that is the first thing. the real question is how soon, how long, and how much is it going to be? the 50 million a month that has been talked about, that would take us to july. then we could see a possibility of rate increases. how do they sound? elvis, or hawkish? they will try to split the difference, but they will be looking for hawkish commentary given the fact that inflation commentary has proven not to be transitory. that is the third item. whether transitory. why is inflation so high, and it was supposed to be transitory? that is what people will be looking for today, the results of the news conference, following the statement, will tell us something about where the markets go from here. the expectation is that they have to raise rates. this is july, and the odds of a rate move in july is just below 1%, one move right now. we are already seeing the move for the weeks right