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NEW YORK (CNNMoney)
Investors and traders have been bracing for the Federal Reserve to cut back -- or taper -- its stimulus measures, which have seen the Fed buy bonds and other securities worth $85 billion per month.
Many experts are forecasting the Fed will make a small cut to its asset purchases this month as the economy has been improving and unemployment falling. Others expect the tapering to start later.
The central bank is scheduled to release a statement at 2 p.m. ET following the conclusion of its latest policy-making meeting. Fed chair Ben Bernanke will then hold a press conference at 2:30 p.m. to discuss the Fed's latest assessment of the economy and its plans for the future.
Related: The taper is coming. Get over it.
"It's all about the Fed, not only the tapering decision, but also the statement language and the accompanying press conference," said Simon Smith, the London-based chief economist at FxPro.
U.S. stock futures were edging up slightly ahead of the opening bell, with investors cautious about taking any big bets ahead of the afternoon announcements.
In other economic news, the Census Bureau will release its monthly reports on housing starts and building permits at 8:30 a.m.
In corporate news, firms including General Mills (GIS, Fortune 500), FedEx (FDX, Fortune 500) and soccer club Manchester United (MANU) are set to release quarterly results in the morning. FedEx (FDX, Fortune 500), in particular, is often seen as an economic bellwether given the nature of its business and its global footprint. Oracle (ORCL, Fortune 500) will announce results after the closing bell.
Related: Fear & Greed Index
U.S. stocks finished higher Tuesday. The Dow Jones industrial average, the S&P 500 and the Nasdaq all ended the day with gains. The S&P closed within just five points of a record high.
Adobe Systems (ADBE) shares rose in after-hours trading Tuesday after the software maker reported strong subscription growth for its "Creative Cloud" service.
European markets were moving slightly higher in morning trading.
Asian markets ended with mixed numbers. Japan's Nikkei rallied by 1.4% but the main Chinese indexes were relatively unchanged. 
First Published: September 18, 2013: 5:14 AM ET
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