US Stocks Edge Higher Ahead of Fed Rate Decision
US stocks are edging higher on Wednesday as investors wait for the Federal Reserve's interest rate decision. The S&P 500 rose 0.3% and is on track for its second gain in eight days, while the Dow Jones Industrial Average added 61 points and the Nasdaq composite gained 0.4%. Falling oil prices also contributed to the market's climb.
The Federal Reserve is expected to announce a rate hike today, which would be its first in over three years. This decision comes after Fed Chair Kevin Warsh warned of inflation remaining above the 2% target and data showing stubbornly high inflation rates.
President Donald Trump has been critical of the Fed's interest rate decisions, but economists say Fed Chair Kevin Warsh is largely boxed into raising rates. The move would aim to slow borrowing and cool costs.