U.S. stock futures moved higher on Wednesday, ahead of the outcome of a two-day Federal Open Market Committee meeting that is expected to deliver the first 50 basis-point interest rate hike since 2000.
Futures were moving higher alongside oil prices, up on news that the EU has proposed a ban on Russian oil. What’s driving markets? Alongside a half-point interest rate hike, the Fed is expected to announce the start of “quantitative tightening,” when the central bank’s decision is announced at 2 p.m. Eastern Time. Investors will also focus on a news conference with Fed Chairman Jerome Powell at 2:30 p.m. Eastern Time.Clarity from the Fed on size and scope of future rate increases could give beleagured stocks a lift, say some analysts.
Ahead of Friday’s nonfarm payroll data, investors will get the ADP private-sector employment report at 8:15 a.m. Eastern Time, a March update on the trade balance, due at 8:30 a.m., followed by the Institute for Supply Management’s April services index at 10 a.m. Eastern.
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