Futures indicated a slightly higher open for Wall Street, after the stock market saw its worst one-day loss in two months.
Federal Reserve policy makers begin their two-day meeting and it will culminate with their latest assessment of the nation’s economy and the issue of a policy directive at 2:15 pm ET tomorrow. The Federal Open Market Committee (FOMC) is not expected to raise benchmark interest rates, currently near zero.
The existing home sales report for May will be released at 10:00 am ET. Economists are forecasting a 3.0% increase in sales to an annualized rate of 4.82 million units. This could have market moving potential, along with the announcement of the results from the Treasury’s $40 billion 2-year note auction this afternoon.
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