Before the bell: Futures rise ahead of Fed decision

At 2:15 p.m. today, the Federal Open Market Committee will conclude its two-day policy meeting with an announcement. While they are sure to leave a key interest rate at a record low to continue stimulating the economy, investors will want to hear what policymakers think about the strength and sustainability of the recovery, especially in light that less government stimulus money is available and, unemployment is still on the rise, the credit and financial markets are still fragile and the housing market no out of the doldrums.

Also due out Wednesday are two key employment readings: October Challenger job cuts at 7:30 a.m. Eastern and ADP employment report at 8:15 a.m. At 10:00 a.m., the ISM services reading for October will also be released.

Meanwhile, oil prices fell slightly to near $79 a barrel Wednesday in Asia despite an unexpected drop in U.S. crude supplies which suggested demand may be picking up. At 10:30 a.m. today, another inventories report will be released and give a better picture of supplies.

Overseas, Asian stocks were mostly positive after the World Bank boosted its forecast for China this year from 7.2 percent to 8.4 percent. European stock markets recovered Wednesday, helped by upbeat earnings reports across the region.

Finally, Time Warner (NYSE: TWX), parent of this blog, reported a 38 percent drop in third-quarter profit Wednesday, hurt by declines at its AOL and publishing segments, but the results beat expectations and the company is boosting its full-year earnings forecast.