Fed Policy Outlook: risk is the FOMC drops "considerable time" Fed Policy Outlook: risk is the FOMC drops "considerable time" from its policy statement next week, especially after the broad-based strength registered in the November employment release, which was also supported by the LMCI. Recent Fedspeak, and especially comments from the usually more dovishly inclined policymakers, have suggested they could support rate lift-off around mid-2015. So working backwards, if Chair Yellen's "6-month" slip of the tongue at the March press conference was a harbinger, then the FOMC should be looking to remove that statement ASAP. The timing is right for this action since there will be a press conference where Yellen can more fully explain the action. However, it may be tough for the Fed to hike rates as soon as June if global economic weakness tempers U.S. growth and if there's further weakening in price pressures.