Stock market today: Premarket trading on Wall Street muted as markets await Fed's rate decision

HONG KONG — Trading on Wall Street was quiet and mixed early Wednesday as markets awaited a decision on interest rates from the Federal Reserve and possible hints about the timing and number of rate cuts that could come this year.

Part of the run for U.S. stocks to records has been because of hopes for such cuts, which would relieve pressure on the economy and financial system. But recent. That could force the Fed to say it will deliver fewer rate cuts this year, and traders have already given up earlier expectations that the year’s first cut would arrive Wednesday.Strategists at Bank of America expect Fed officials to stick with forecasts showing the median member still expects three cuts in 2024.

The U.S. dollar rose against the Japanese yen after the BOJ's comments on its decision suggested that a wide gap between interest rates in the United States and in Japan will persist for the foreseeable future. The dollar rose to 151.69 yen from 150.87 yen, trading at its highest level in four months.

Elsewhere, Australia’s S&P/ASX 200 dropped 0.1% to 7,695.80, while the Kospi in South Korea advanced 1.3% to 2,690.14, Taiwan’s Taiex lost 0.4%. RBC iShares today announced the launch of three new ETF Series of certain RBC Fixed Income Pools which are managed by RBC Global Asset Management Inc. . By introducing these ETF Series, RBC GAM Inc. is making the long-standing investment expertise of its global fixed income team available to ETF investors. The three new ETF Series are expected to begin trading on Cboe Canada today.The Colorado Avalanche confirmed that Chris Simon died Monday evening, although a cause of death was not provided.

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