US Futures Rise Ahead of Expected Rate Hike

US futures rose on Wednesday ahead of the Federal Reserve's decision on interest rates, with expectations high that they will move higher for the first time in over three years.

The Fed Chair Kevin Warsh has largely boxed himself into a rate hike after delivering a high-profile speech last month warning that inflation remains well above the 2% target.

Economists say this, combined with recent data showing inflation remaining stubbornly high, has bolstered expectations for higher rates. Higher interest rates can slow borrowing and cool costs.