Stock Market Today: Treasury refunding, Fed decision to shape pivotal session

U.S. stock futures started November on the back foot as investors awaited the latest Fed interest rate decision and comments. The Treasury’s quarterly refunding statement, which details how the government plans to fund its borrowing needs, will be revealed at 8:30 a.m. Eastern.

“Normally this doesn’t get too much attention but given the massive runup in rates over recent months, especially since the last refunding announcement, the concern is that any surprises could help push long-dated yields even higher, although this risk will be much better priced now than it was in August,” said Jim Reid, strategist at Deutsche Bank.

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