FXstreet.com (Barcelona) - As Nomura explains, "the minutes for the Jan 29-30 FOMC revealed that many FOMC participants were concerned about potential costs of QE and that there was difficulty in setting numerical thresholds for tapering/ending QE3."

Nomura adds that while QE3 has worked well in supporting the economic recovery, "the chances of ending/tapering asset purchases before the outlook for the labor market improves substantially has risen materially" the bank said.

Looking ahead, the bank sees "an increased possibility that the Fed could show a more detailed cost-benefit assessment of QE3 in the policy statement and introduce a framework to flexibly adjust the pace of asset purchases as early as the March meeting."