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NEW YORK (Reuters) - Stocks around the world edged lower on Wednesday and the U.S. dollar crept up as investors waited for the U.S. Federal Reserve’s decision on interest rates later in the day.

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Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid

Oil prices cooled as Saudi Arabia’s pledge to quickly restore production eased worries over supply.

The MSCI world equity index, which tracks shares in 47 countries, fell 0.16%.

Deep disagreements within the Federal Reserve over the economic outlook and how the U.S. central bank should respond to it is not expected to stop policymakers from cutting interest rates as a two-day meeting concludes on Wednesday.

While a 25-basis point rate cut by the Fed is widely expected, investors are looking to its statement after the meeting and economic projections for clues regarding future monetary policy moves.

Investors expect Chairman Jerome Powell to explain the Fed’s position at a news briefing after the rate decision.

“The interesting aspect for me will be how Chair Powell characterizes recent strength in the data without sounding hawkish at the same time, because they do want to keep the door open for more cuts,” said Subadra Rajappa, head of U.S. rates strategy at Societe Generale in New York.

On Wall Street, stocks edged lower, hurt by economic bellwether FedEx Corp’s warning on full-year profit.

The Dow Jones Industrial Average fell 67.61 points, or 0.25%, to 27,043.19, the S&P 500 lost 8.22 points, or 0.27%, to 2,997.48 and the Nasdaq Composite dropped 25.87 points, or 0.32%, to 8,160.15.

European shares steadied after early declines, as technology shares helped offset losses in luxury goods. The pan-European STOXX 600 index was 0.07% higher.

Read more from our friends at Reuters