The Dow Jones Industrials flopped 140.79 points to begin Wednesday trading at 32,512.41.
The S&P 500 sagged 23.95 points to 3,832.15.
The NASDAQ dropped 76.48 points to 10,814.36.
The Fed is widely expected to announce a 0.75-percentage-point rate increase, its fourth hike in a row of that caliber, as it battles high inflation. Investors are also looking for a signal that the central bank is prepared to slow the pace of its rate-hiking plan come December.
Comments from the Fed and Chair Jerome Powell will play a key role in deciphering where stocks go in the months ahead and whether markets kick off a fresh bull run.
Earnings season continued with strong results from CVS Health. Advanced Micro Devices rose despite a top and bottom line miss.
Treasury prices gained a slight bit of ground, lowering yields to 4.04% from Tuesday’s 4.05%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 20 cents to $88.17 U.S. a barrel.
Gold prices gained $3.70 to $1,653.40 U.S. an ounce.