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 was down 0.1% soon after the opening bell, while the S&P 500 SPX dipped 0.1% and the Nasdaq Composite COMP 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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