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Update: Markets cautious ahead of Fed statement

The Latest on the Federal Reserve’s monetary policy meeting (all times local):

4:45 a.m.

Stock markets are subdued ahead of a monetary policy statement by the U.S. Federal Reserve in which the central bank is expected to say it will be patient about raising interest rates further.

Futures for the Dow and the S&P 500 are up 0.1 percent, while European indexes are trading slightly lower. The dollar is up 0.2 percent against the yen, at 111.57 yen.

The Fed is due to wrap up its policy meeting Wednesday and is widely expected to keep its key short-term rate in a range of 2.25 percent to 2.5 percent, still low by historical standards. Most analysts think the policymakers will scale back their projection of rate hikes this year from two to one or perhaps even none.

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12:05 a.m.

The Federal Reserve is expected to end its latest policy meeting Wednesday by refining its new overarching message that it plans to be “patient” about any further interest rate hikes.

The Fed is set to keep its key short-term rate in a range of 2.25 percent to 2.5 percent, still low by historical standards. And most analysts think the policymakers will scale back their projection of rate hikes this year from two to one or perhaps even none.

The central bank’s theme of patience reflects its calming response since the start of the year to slow growth at home and abroad, a nervous stock market and persistently mild inflation. The Fed executed a pivot when it met in January by signaling that it no longer expected to raise rates soon.