REUTERS: U.S. stocks came under pressure on Wednesday as investors waited for the Federal Reserve's decision on interest rates and clues about its future monetary policy, while a profit warning by FedEx weighed on sentiment.
Investors are now squarely focused on the U.S. central bank's policy statement due at 2:00 p.m. ET , followed by Chair Jerome Powell's address a half hour later. Earlier in the day, the central bank injected more cash into the banking system as the key interest rate pierced above its targeted range for the first time since the financial crisis. That puts pressure on policymakers to come up with long-term fixes for the funding squeeze.
At 12:37 p.m. ET, the Dow Jones Industrial Average was down 55.89 points, or 0.21per cent, at 27,054.91, the S&P 500 was down 8.08 points, or 0.27per cent, at 2,997.62. The Nasdaq Composite was down 31.90 points, or 0.39per cent, at 8,154.12.
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