Wall Street Preview: Fed Decision in Focus

Shares in Europe and Asia rose ahead of an announcement from the Federal Reserve on interest rates
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U.S. stock futures were marginally higher on Wednesday, July 26, and shares in Europe and Asia rose ahead of an announcement from the Federal Reserve on interest rates. Economists don't expect the central bank to make a change to interest rates -- leaving the federal funds rate at 1% to 1.25% -- though investors will comb through the Fed statement to discern when the central bank could begin to unwind its balance sheet. Most Fed watchers anticipate that process to begin at the Fed's meeting in September at the earliest.

"There's getting close to zero chance of the Fed raising rates before December," Mike Piershale, president of Piershale Financial Group, told TheStreet. The Federal Reserve's announcement on interest rates is expected at 2 p.m. ET.

Speaking of the Fed, Donald Trump is considering renominating Janet Yellen as the next chair of the central bank but also sees economic adviser Gary Cohn as a top candidate, Trump told The Wall Street Journal in an interview.

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