Stocks climb out of the red as traders wait on the Fed

weighed on Wall Street, and oil was also left nursing large losses with fears that banks tightening up on lending along with a slowing job market were harbingers of a looming broader slowdown.

"The hike will be a contemplative one that acknowledges heightened two-way risks and a narrower path to a soft-landing," said Vishnu Varathan, head of economics at Mizuho Bank in Singapore. "This reinforces the idea of 25bps from the ECB this week rather than 50bps," said NatWest Markets' rates strategist Jan Nevruzi.

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