U.S. equities and stock exchange traded funds managed to push into positive territory for the fifth consecutive session as traders wait on the Federal Reserve’s latest meeting results that could provide further clues on where interest rates are heading next month.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were up 0.1% Wednesday.
The Fed will announce its latest meeting minutes Wednesday afternoon, with many investors anticipating hints on where policy makers stand on the monetary policy. Furthermore, many are awaiting details regarding the Fed’s $4.5 trillion balance sheet.
“The real take from the Fed is that a June rate hike still seems to pretty much baked in the cake, but I’m going to be looking at guidance as how they expect to start spending down their excess assets,” Brad McMillan, chief investment officer for Commonwealth Financial, told Reuters.