Economic calendar: All eyes on FED!

• European markets set for lower opening
• Fed rate decision at 6:00 pm GMT
• DOE report on oil inventories

European futures markets point to a slightly lower opening of the cash session on the Old Continent today. Moves are rather limited as traders are bracing themselves for a highly anticipated FED meeting. The US central bank will announce monetary policy decisions at 6:00 pm GMT, followed by the press conference of Chair Powell at 6:30 pm GMT. Easing inflationary pressures and recent banking turmoil bolstered expectations that the Fed will adopt a more cautious policy approach. Markets are now pricing in about a 14% chance of the central bank not raising rates, with a roughly 86% chance of a 25 bps hike. A new set of forecasts as well as dot-chart will show where central bankers see the US economy in the near-term, while investors will watch for dovish hints from Powell. Apart from Fed, DOE oil inventories data at 3:30 pm GMT may trigger some volatility on the oil market. Also several ECB members, including President Christine Lagarde, are scheduled to deliver speeches.

11:00 am GMT - US, MBA 30-Year Mortgage Rate. Previous: 6.71%

2:30 pm GMT - DOE report on oil inventories.

• Oil inventories. Expected: -1.565 mb (API: +3.262 mb)

• Gasoline inventories. Expected: -1.677 mb (API: -1.09 mb)

• Distillate inventories. Expected: -1.5 mb (API: -1.84 mb)

6:00 pm GMT - FOMC rate decision

6:30 pm GMT - Powell conference

Central bankers' speeches

• 8:45 am BST - ECB President Lagarde

• 9:30 am BST - ECB Lane

• 1:45 pm BST - ECB Panetta

• 5:00 pm BST - ECB Nagel