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Stock Market Today: Stocks slide, Treasury yields steady as Fed decision looms

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Investors are bracing for a key Fed rate decision, as well as the Treasury's quarterly refunding statement, with stocks moving lower heading into the start of Wednesday trading.

U.S. equity futures moved lower Wednesday, while the dollar added to recent gains against its global peers and Treasury bond yields steadied, as investors braced for a key rate decision from the Federal Reserve later in the session.

The Fed rate decision at 2:00 pm Eastern time, with Chairman Jerome Powell's question-and-answer session with the media thirty minutes later, will undoubtedly be the day's focus, however, as investors look for more clarity on the central bank's rate path heading in to 2024 as the economy continues to outperform and the labor market adds to near-term inflation pressures.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.1% higher overnight at 106.759 as the yen weakened further, to a one-year low of 151.21 against the dollar, following yesterday's Bank of Japan rate decision.

 

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