Wall Street Awaits Fed Rate Decision and Powell Comments

Wall Street's main indexes are expected to open subdued ahead of the Federal Reserve's rate-setting meeting, where the central bank will seek to balance inflation and banking sector concerns. Traders have halved the size of the expected interest rate hike to 25 basis points following troubles in the banking sector. The U.S. central bank's two-day policy meeting will end at 2 p.m. ET, with investors keenly awaiting Fed Chair Jerome Powell's conference at 2:30 p.m. ET to gauge the central bank’s rate-hike trajectory. Shares of First Republic reversed course to trade 5.0% lower premarket, with a Bloomberg News report on Tuesday stating the bank's rescue could rely on backing from the U.S. government to facilitate a deal.