The Federal Reserve on Wednesday will likely discard a pledge to remain “patient” before hiking rates, replacing it with the word “flexible,” said widely followed investor Jeffrey Gundlach, co-founder of DoubleLine Capital. “Patience out,” Gundlach told Reuters in an email ahead of the Federal Reserve’s policy statement to be released at 2 p.m. EDT on Wednesday. Market participants are anticipating the Fed will likely drop the word “patient” from its statement with respect to raising interest rates, which could pave the way for a rate increase in June or September this year.