Wall Street Holds Steady Ahead of Fed Rate Decision

Wall Street is holding steady ahead of the Federal Reserve's decision on interest rates. Traders expect the Fed to announce a hike in rates to combat high inflation, which has been a worldwide problem. The S&P 500 rose 0.4% and was on track for its second gain in eight days, while the Dow Jones Industrial Average was down 26 points.

The price of Brent crude oil fell 3.1% to $105.39 after concerns about the war with Iran eased. This helped send the yield on the 10-year Treasury down to 4.96%, a decrease from 5.00% late Tuesday.

The pressure remains high, but traders are still betting on a slight chance that the Fed may hold off on raising rates. If it does, the market could swing as investors see it as a sign that the Fed is less committed to getting inflation lower.

The European Central Bank hiked rates last week to help diminish inflation, and a report showing strong retail sales in the US could embolden the Fed to raise rates further.