The Fed is expected to wrap the plan in highly dovish language in its 2 p.m. statement Wednesday, and Fed Chairman Ben Bernanke is expected to reinforce that the Fed will hold down short-term rates for a very long time when he briefs the media at 2:30 pm.
More bricks in the global recovery wall are likely to slot into place in a week that could also yield more clues as to when the Federal Reserve will start unwinding its exceptional monetary stimulus.
Wall Street in this week could be featuring a triple bill: Fed, jobs data and earnings from different companies. Investors will eagerly await FOMC's statement is expected to be released after a two-day meeting.
Federal Reserve Chairman Ben Bernanke said the central bank anticipates beginning tapering bond purchases later this year but that policy will remain accommodative.
Ray Farris, director, Credit Suisse says the rupee is likely to see a level of 61.5 against the dollar in the next 3-4 months and to go to a level of 62 over the next year.
Some of the world's most prominent central bankers may have to hope the pen is as mighty as the sword.
For all the derision US Republican presidential hopefuls have heaped on the Federal Reserve, a November win by lead contender Mitt Romney would likely change little at the US central bank, at least in the short term.
Oil held above USD 125 a barrel on Tuesday, boosted by supply concerns amid tightening Western sanctions on Iran although expectations for an increase in US crude inventories dampened sentiment.
Brent held steady above USD 125 on Tuesday as comments from the US Federal Reserve indicating easy monetary policy would remain in place for some time raised investors' appetite for riskier assets.
The Nikkei edged higher on Friday as bargain hunting offset negative sentiment after Fed Chairman Ben Bernanke backed off hints additional near-term stimulus could be on the way.
Gold rose to a record high above USD 1,520 an ounce on Wednesday after the Federal Reserve announcement that it would keep US interest rates very low.
Steve Forbes of Forbes in an exclusive interview to CNBC, spoke on a host of issues from tackling the high inflation rate globally, to its impact on currency and whether we were going to see another round of currency wars. He also elaborated on the state of the global recovery.