The Dow Jones Industrial Average and S&P 500 were up 36 points and 0.1%, respectively, at the open. The Nasdaq Composite gained 0.2%.
The Fed is scheduled to deliver its decision at 2 p.m. ET. The central bank is not expected to make any changes in terms of monetary policy, but investors will look for clues on whether the Fed will cut rates later this year. Fed Chair Jerome Powell will hold a news conference after the announcement.
Traders are pricing in easier monetary policy as soon as July. They are also betting on rate cuts coming in September and December, according to the CME