Keeping expectations anchored...

Today's Fed meeting is expected to yield no change in the target rate but, as a compromise to an increasingly hawkish FOMC, may result in stronger language against inflation.
Reaching consensus on policy is becoming increasingly difficult as the balance further tips in favor of inflation hawks as a result of a technicality (two of the 7 seats occupied by permanent governors are currently vacant and three of those that vote on a rotating basis are known to be inflation hawks).
One of the main concerns of the Fed in its quest for preserving price stability is to keep expectations firmly anchored, particularly in an environment in which headline inflation is rising relentlessly. It will be difficult for tough rhetoric to do the trick on its own (in others words keeping expectations anchored without having to resort to raising rates) but with the pressure on commodities easing as the global economy continues to soften, the Fed may end up dealing more effectively with the slowdown by keeping rates steady or even begin easing before the year is up. Such a scenario would certainly be in favor of bonds.