FOMC Statement, Oracle Earnings: What to Watch on Wall Street Dec. 17

On Wednesday, December 17th 2014, all eyes will be on the Federal Open Market Committee as the group wraps up its 2-day meeting. Policymakers will decide whether to keep its pledge to hold interest rates low for a 'considerable time.' Wall Street will look for clues as to when a hike may take place in 2015. The Fed's decision will be announced along with new forecasts for the economy and inflation. Wednesday is also the biggest day of the week for earnings reports. FedEx (FDX), General Mills (GIS), and Oracle (ORCL) are all scheduled to release its financial results. On the economic calendar, we note the consumer price index and the EIA Petroleum status report.