Markets Bake in Fed Rate Cut as Futures Rise. Why Powell's Comments Will Be Crucial.

U.S. stock futures drifted higher on Wednesday as investors awaited a widely expected interest-rate cut from the Federal Reserve. An interest-rate decision is due from the Federal Reserve at 2:00 p.m. Eastern time. Fed Chair Jerome Powell will deliver a speech and answer questions following the rate decision in a press conference that will be scrutinized over what it says about the path ahead for borrowing costs.