Stocks are down this morning as investors await news from the Federal Reserve amid the biggest pullback since June.
S&P 500 futures have reversed earlier gains and are down 0.4 percent, tracking similar moves in Europe. Asia rallied overnight after Turkey’s central bank raised interest rates in an emergency move to defend the lira and halt a wave of selling in emerging-market assets.
Attention now turns to the Fed’s monetary announcement at 2 p.m. ET. Economists expect policymakers to reduce the pace of Treasury bond purchases and mortgage-backed security purchases by $5 billion each, though the impact of the news is unclear because interest rates have been falling independently of the central bank.
— Option Monster