Traders Await the Fed as Stocks Open Little Changed but in the Green

U.S. markets opened slightly higher Wednesday as traders wait to see what the Federal Reserve has to say on interest rates. They'll get their answer at 2 pm eastern when the decision is announced. Stocks turned higher in premarket trading when the Consumer Price Index came out showing a decline last month. The Labor Department said consumer prices fell for the first time in 16 months, dropping 0.2 percent. Economist were expecting it to be unchanged. Despite rising rates, mortgage applications surged last week. According to the Mortgage Bankers Association, the rise was mostly driven by refinances. Earnings are a driver for some stocks this morning. FedEx (FDX) is starting the day higher after beating estimates before the bell. General Mills (GIS), on the other hand, missed Wall Street's expectations. The maker of Cheerios came in short on both the top and bottom lines saying U.S. market conditions are challenging.