Citi discusses its expectations for the FOMC January policy meeting on Wednesday.

"We expect the January FOMC to repeat and reinforce the Fed’s existing dovishness, which is still significant given the recent taper discussions and other central banks’ considerations to adapt policy," Citi notes.

"We expect no changes to policy or messaging at this Meeting: ‘now is not the time’, in Chair Powell’s own words. A dovish surprise would be to point towards plans of adding stimulus, while a hawkish risk would be suggesting that tapering discussions could be relevant in the coming months," Citi adds.