Good morning! Futures indicate the stock market today will open just a notch above yesterday's close, despite a rally in Europe. The markets are patiently waiting for an announcement after the close of the Fed Open Market Committee's two-day meeting. After the recent market slip - down 6.8% in less than one month - the big question is: "Will the Fed extend QE3?"
The most important number to watch today - besides the Dow - is the Federal Reserve's interest rate on fed funds, which will likely remain unchanged at a range of 0% to 0.25%. This afternoon, the U.S. central bank is expected to formally announce an end to its bond-purchasing program, effectively ending round three of quantitative easing. Today's Fed announcement, expected at 2 p.m., will also provide guidance on when the central bank is expected to hike interest rates.
At the moment, consensus estimates place a rate hike in place by mid-2015.
Here's what else you should know - including your Tip of the Day - to make your Wednesday profitable:
Full U.S. Economic Calendar October 29, 2014
Money Morning Tip of the Day: Our Technology Specialist, Michael A. Robinson, is a 34-year Silicon Valley veteran. Today, he wants to tell you about one of the most exciting scientific breakthroughs he has come across in his career. It is nothing short of revolutionary and, for the companies involved, it's an equally awe-inducing investment opportunity...