NEW YORK ( TheStreet) -- On Wednesday, TheStreet will cover the busiest day of the week with the Federal Open Market Committee (FOMC) announcement, Fitbit's IPO, notable earnings and key economic data.

Wall Street will be paying particularly close attention to the FOMC as it wraps up its policy meeting. Analysts will be looking for signs of how the Federal Reserve will manage monetary policy in the upcoming months. 

Fed Chair Janet Yellen is scheduled to hold a news conference after the conclusion of the meeting.

Economists believe the Fed will hike rates for the first time in nearly a decade in September.

Also, Fitbit makes its debut on the trading floor of the New York Stock Exchange. The wearable fitness tracker increased the expected pricing of its public offering on Tuesday to $17-$19 a share, from its prior $14-$16 range.

The market cap of the company is now roughly $4.5 billion.

On the earnings front, we note quarterly earnings from shipping company FedEx ( FDX), Oracle  ( ORCL), Pier 1 Imports ( PIR). FedEx is scheduled to release its results before the opening bell, while Oracle and Pier 1 Imports will report after the market closes.

On the economic calendar, Wall Street awaits MBA mortgage applications, the EIA petroleum status report in the morning and the highly anticipated FOMC statement in the afternoon.

The committee will release its forecasts for the economy, followed by Yellen's press conference. Yellen is expected to address the forecasts and Fed policy.

She has said the committee plans to raise interest rates this year. Economists believe the Fed will hike rates for the first time in about a decade in September.

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