Stock futures were pointing to a stronger open for Wall Street Wednesday as traders bid up equities ahead of the conclusion of the Federal Reserve's two-day policy meeting.

Futures on the

S&P 500

were adding 7 points to 1322 and were more than 6 points above fair value.

Nasdaq

100 futures were jumping 15 points to 1926 and were 12 points better than fair value.

At 2:15 p.m. EDT, the Fed will announce its latest decision, if any, on rates. Most observers aren't expecting any moves, but they will be closely examining the accompanying statement that could reveal the central bank's focus going forward.

Currently, the fed funds futures rate is 2%, a level achieved after a months-long easing campaign in the wake of the credit crisis that dropped the overnight lending rate from 5.25% last summer.

This article was written by a staff member of TheStreet.com.