What to Watch Wednesday: Federal Reserve Statement, FedEx Earnings

The Federal Reserve's all-important December statement is released on Wednesday at 2pm Eastern. Economists and the majority of market participants expect the central bank to announce a hike to short-term interest rates for the first time in nearly a decade. Fed Chair Janet Yellen is also set to deliver a press conference at 2:30pm. Aside from the Fed, there’s plenty of economic data on tap. Housing starts will be released at 8:30am Eastern, then industrial production figures for November are unveiled at 9:15am. Plus, the PMI Manufacturing Index is released at 9:45am, followed by the EIA Petroleum Status Report at 10:30. On the earnings front, FedEx (FDX), Oracle (ORCL) and Pier 1 Imports (PIR) are set to release financial results after the closing bell. TheStreet’s Scott Gamm has details from New York.