Markets calm ahead of FOMC.


US indices futures were trading flat on Wednesday, while EU benchmarks were somewhat lower during the London session as the Fed's meeting looms.

The greenback was higher on the day, and precious metals were down, as we are used to. 

Earlier, the IMF raised its growth estimate for the global economy to 5.5% in 2021, from +5.2% in its last forecast in October.

Despite this "optimistic" upgrade, which most likely won't materialize, German consumer confidence dropped sharply after the latest GfK German consumer climate index declined to -15.6 from -7.5 last month.

Traders are now waiting for today's FOMC conclusion, due later in the evening. Monetary policy should remain the same, with investors hoping that Powell will dispel the current "fears" of a possible sharp rise in yields. 

If the Fed sounds dovish, stocks should continue higher and the US dollar lower, with metals probably heading lower as well. On the other hand, a disappointment from the Fed could send stocks and metals sharply lower, while the greenback might regain some of its strength. 
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