FOMC takes center stage as market struggles with bellwether earnings reports

The Federal Reserve will wrap up their January meeting this afternoon, releasing a statement at 2 p.m. Despite the fact that the FOMC is widely expected not to increase rates at this time, there are still a number of key factors to look out for.

The first being U.S. growth going into 2016, fourth quarter GDP grew at about 0.8 percent while recent retail sales and manufacturing data contracted. In focus is the Fed's description of U.S. growth and whether it is downgraded.

"Another significant factor at hand is the negative aspects associated with continuing declines in oil which have spread to nearly every facet of the economy including inflation. As part of the Fed's dual mandate, Fed is expected to issue statement on the inflation outlook and implication of falling oil prices. Meanwhile, bellwether companies in technology and industrials lowered earnings outlook in the latest earnings releases for Q4 2015, sending markets lower", notes Voya Global Perspectives.