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Futures Build on Gains as Focus Shifts to FOMC

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U.S. stocks were set to open higher on Wednesday as Wall Street's attention turns to the Federal Open Market Committee meeting and an inevitable 25 basis point rate hike at today's conclusion. The only wild card is whether or not the FOMC will formally announce plans on how it plans to shrink its $4.5 trillion balance sheet. The FOMC meeting concludes at 2:00 pm ET.

After setting a record high on Tuesday, Dow futures were another 46 points above fair value, pacing gains in S&P and Nasdaq futures.

Ahead of the Fed meeting is key data on inflation and retail sales at 8:30 am ET. Consumer prices are expected to remain unchanged in May, rising 0.2% excluding the food and fuel segment. Retail sales are forecast to be up by just 0.1% in May, up 0.2% excluding auto sales and up 0.3% excluding sales of food and fuel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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