U.S. stock index futures were subdued on Wednesday, ahead of the outcome of the Federal Reserve's rate-setting meeting in which 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, with analysts saying a pause was unlikely as it would indicate the turmoil had rattled the Fed.
"The Fed has a hard task as fears around the financial system intensify. While the central bank is likely to continue its hiking cycle with a 0.25% move, we think the guidance for future meetings will be considerably more open," said Gabriele Foà, co-portfolio manager at Algebris Investments.
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