• US stocks were mostly lower Wednesday as traders looked ahead to the Fed's next rate move.
  • Central bankers are largely expected to keep rates steady in March. 
  • The Fed will give an update on economic projections and its rate outlook at today's meeting. 

US stocks were slightly lower Wednesday as traders awaited the Federal Reserve's next interest rate decision. 

Major indexes were mostly flat shortly after the opening bell, while bond yields were slightly lower or unchanged. 

Investors are largely expecting the Fed to keep interest rates level at the conclusion of its policy meeting, but are looking for guidance on the path of rate cuts later this year. Markets are pricing in a 60% chance the Fed could issue its first rate cut by June, according to the CME FedWatch tool. 

"At today's Fed meeting, we expect rates to remain unchanged and for the communication to reiterate that greater confidence that inflation is moving back to the target level is needed before it would be appropriate to reduce the target range. In our view, we see scope for the Fed to start cutting rates in June, however, the path of policy still remains very data dependent," Henk Potts, a markets strategist at Barclays Private Bank said in a note on Wednesday.

The meeting this month will also feature an update on the Fed's economic projections and a new "dot plot" which will show where the central bank thinks rates are headed in the coming years. 

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday: 

Here's what else happened today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil fell 1.5% to $82.18 a barrel. Brent crude, the international benchmark, slipped 1.35% to $86.24 a barrel. 
  • Gold dipped 0.24% to $2,153.30 per ounce. 
  • The 10-year Treasury yield was nearly flat around 4.295%.
  • Bitcoin rose 0.44% to $63,564. 
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