U.S. stock indexes opened modestly higher on Wednesday as investors awaited the Federal Reserve’s latest interest rate hike decision in its effort to bring down inflation. The Dow Jones Industrial Average gained 0.2%, while the S&P 500 rose 0.1% and the Nasdaq Composite advanced less than 0.1%. The central bank is expected to raise its benchmark interest rate by 50 basis points to a range of 4.25% to 4.50%. The Fed will also publish a series of projections later today showing where the policymakers expect the mid-point of the Fed Funds rate to be over the next few years. The so-called dot plot will provide markets with a broad indication as to where and when the Fed is likely to pause its current rate hike cycle. The Federal Reserve announces its rate hike decision at 2 p.m. Eastern, followed by Chair Powell’s news conference at 2:30 p.m.
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