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U.S. equity futures moved lower Tuesday, while Treasury yields and the dollar held steady, as investors adopted a defensive tone across global markets heading into the start of the Federal Reserve's two day policy meeting in Washington.
Stocks ended higher on Monday, with the S&P 500 notching its twenty-sixth record high close, powered in part by megacap tech gains, following an uneven session that suggested a fair amount of investor caution heading into tomorrow's Fed rate decision.
The central bank is also set to publish fresh growth and inflation forecasts alongside its policy statement, with investors expecting a sharp reduction in the number of rate cuts Fed officials expect between now and the end of the year.
"The Fed will likely hold its forward guidance largely unchanged," said Bill Adams, chief economist for Comerica Bank in Dallas.
