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The FOMC in December estimated 2.5 percent economic growth this year, though that was prior to passage of the $300 billion spending package. Powell told Congress this month the economy was “strong” and tax cuts would add “meaningfully to growth.”

In the FOMC statement, the committee could be conflicted about what to say because estimates of first-quarter growth are falling -- and the Atlanta Fed’s tracking estimate is below 2 percent.

“I would see the committee as being cautious,” said Robert Eisenbeis, vice chairman of Cumberland Advisors Inc. and a former Atlanta Fed research director. “I would look for the key word being either moderate or modest. Moderate is a bit more positive than modest.”

Full article at Bloomberg