The talk is that the Fed will drop the words "considerable time" from its description of how long it will likely refrain from raising interest rates after it finishes its bond purchases.

James Paulsen, chief investment strategist at Wells Capital Management, believes that the Fed will make the change. And he expects that to result in a stock-market decline of several percent.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

"It's already happening to some extent," he told CNBC. "Bonds have repriced by 25 basis points, and stocks are struggling with it."

The 10-year Treasury note yielded 2.53 percent late Wednesday, up from 2.30 percent Aug. 6. The S&P 500 suffered its worst fall in five weeks Tuesday, though it regained some ground on Wednesday.

David Bianco, chief U.S. equity strategist at Deutsche Bank, also thinks stocks could slide on a change in Fed wording. But, "I don't think it's more than a couple percent," he told CNBC.

Meanwhile, Michael Feroli, chief U.S. economist at JPMorgan Chase and a former Fed researcher, told Bloomberg that the language change "is going to be hotly debated. If they can find a way to replace that with something that will mollify the market’s reaction, you will see a change."

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

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