Barclays Research discusses its expectations for today's FOMC policy meeting. 

"This week, we expect the FOMC (Wed) to increase the pace of tightening and deliver a 75bp hike. US CPI surprised to the upside and continues to show broad and persistent price pressures. We think the Fed probably wants to surprise markets to reestablish its inflation fighting credentials. The Fed has not surprised markets and hiked more than the Bloomberg consensus expectations since the series started in 1997," Barclays notes. 

"The USD has weakened in the hours after four of the past five meetings, even though the Fed has delivered on the hawkish side, but this time a larger-than-consensus hike could break the trend," Barclays adds.