U.S. CPI data is due out this morning, with economists expecting that inflation fell to 1.2% on year in February from 1.6% in January. The figures will come as the FOMC convenes for its first meeting with Janet Yellen as Chair of the Fed. Policy makers are expected to trim another $10B from the bank's QE program, while they could also abandon the 6.5% unemployment trigger for considering a rate hike and link policy to a range of economic indicators instead.