US Futures Rise Ahead of FOMC Statement

U.S. stock index futures inched up on Wednesday but investors remained cautious ahead of a Federal Reserve statement that could provide hints on the timing of a rate hike.

* Investors will scour the statement after a U.S. Federal Reserve meeting for any signs of when the Fed is likely to begin raising interest rates and the pace of any subsequent hikes.

* The Fed statement is due at 2:00 p.m. ET, followed by Chair Janet Yellen’s news conference half an hour later, with analysts expecting her to focus on signs the economy is recovering after a bumpy start to the year.

* U.S. stocks closed higher on Tuesday following back-to-back daily declines, with merger activity offsetting market concerns as Greece struggles to avoid a default on its debt.

* Relations between Greece and its creditors have become increasingly acrimonious in recent days, leaving little hope that a meeting of EU finance ministers on Thursday will make any progress.

* Athens needs fresh funds to avoid defaulting on a 1.6 billion euro ($1.8 billion) debt repayment to the International Monetary Fund on June 30, which could drive it toward the euro zone exit.

via Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.