U.S. stocks were trading lower after struggling for direction at the open on Wednesday ahead of the Federal Reserve’s decision on its interest rate policy. The Dow Jones Industrial Average DJIA, -0.08% was down 0.1% soon after the opening bell, while the S&P 500 SPX, -0.13% dipped 0.1% and the Nasdaq Composite COMP, -0.20% slipped 0.2%, according to FactSet data, at last check.
The central bank will release a statement on its monetary policy decision at 2 p.m. Eastern, with Fed Chair Jerome Powell scheduled to hold a press conference at 2:30 p.m. Fed-funds futures show traders largely expecting the Fed will raise its benchmark rate by a quarter percentage point to a target range of 4.75% to 5% as it seeks to bring down high inflation. The Fed’s two-day policy meeting that concludes Wednesday comes in the wake of turmoil in the banking sector.
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