Stock Market Update

[BRIEFING.COM] The Nasdaq Composite is about ten points lower over the last half hour and the S&P 500 moved mostly sideways, trading three points lower in recent trading.

There's not a lot of conviction behind mid-morning trading due to trepidation in front of the FOMC decision at 2:00 ET and Fed Chair Powell's press conference at 2:30 ET. The market largely expects the target range for the fed funds rate to remain unchanged at 4.25-4.50%. The fed funds futures market sees a 99.5% likelihood of rates holding steady today, according to the CME FedWatch Tool.

Any uncertainty around today's meeting is related to Fed Chair Powell's press conference. Participants will keenly watch the tone he may take regarding the Fed's deliberations over the inflation data and what Mr. Powell thinks about President Trump's view that he knows more about interest rates than the Fed Chair does and that he believes the Fed will listen to him.