U.S. stock futures are little changed ahead of results from the Federal Reserve's policy meeting in the afternoon.
Almost no one predicts the Fed will lower rates, but economists predict that the decision for the first time since 1993, will not be unanimous with two Fed governors dissenting.
Investors will look for clues in the Fed's policy statement and at Fed Chairman Jerome Powell's post-meeting press conference for when the Fed might be ready to lower rates. The CME FedWatch tool that measures the likelihood that the Fed will change the Federal target rate at upcoming meetings according to market traders shows a 63.4% chance for a September rate cut. October holds a 49.2% chance.
Lower rates make borrowing money cheaper, which is seen giving businesses and consumers reason to spend and boost the economy and the stock market.
"The question is whether they will convey a greater openness to cutting rates at their September meeting," said Bill Nelson, chief economist at the Bank Policy Institute. "For several reasons, my guess is that they won’t. The FOMC statement and Chair Powell’s press conference will aim to strike the same neutral tone as in June."
