The Day Ahead: Wednesday


It’s D-day at the Fed, as Chairman Ben Benrnake (pictured) and the Federal Open Market Committee unveil their latest policy decision. Virtually no-one is expecting a rate move, but, rather, the focus will be on language and how the Fed weighs recent upbeat economic data against fears that a burgeoning recovery is on shaky ground.

Also in the driver’s seat is Chrysler CEO Sergio Marchionne, who is expected to spell out plans for reviving the flat-lining automaker.

Other highlights:

* Cisco Systems leads the earnings parade with quarterly numbers that may reflect a recovery in tech spending. Comcast, Qualcomm and News Corp are also on the docket.

* Data highlights include the ISM’s non-manufacturing numbers and readings on the employment picture from Challenger and ADP.