Here's What the Fed Needs to Say Wednesday to Keep Stocks at Record Highs

Since stocks are being driven by central banks, Wednesday's Federal Reserve statement takes on extra importance. 'It certainly has to acknowledge that the macro data coming in from the U.S. over the last few weeks is stronger on many measures,' said Michael Ingram, a market analyst with BGC Partners, based in London, referring to the blowout June nonfarm payrolls number and a bounce in manufacturing data. While investors aren't expecting the Federal Reserve to hike interest rates when it wraps up its two day policy meeting on Wednesday, they will be looking for commentary on just how many hikes may come for the remainder of 2016. TheStreet's Scott Gamm reports from Wall Street.