U.S. stock index futures held modest gains on Wednesday, as Wall Street offered a muted reaction to the ADP jobs report and a read on September inflation a day after reaching a record close.
(Read more: S&P 500 closes at new high ahead of Fed announcement)
The ADP employment report for October found 130,000 jobs were created in the private sector. Analysts polled by Reuters had forecast 154,000 jobs were created this month, down on 166,000 in September.
Plus, the delayed CPI (consumer price index) for September had inflation up 0.2 percent. The benign inflation reading continues to "give license to the Fed to focus more so on employment. That said, in an environment of very little income growth, modest inflation should be cheered not jeered," Peter Boockvar, chief market analyst at the Lindsey Group, said in emailed commentary.
The Federal Reserve started a two-day meeting on Tuesday,with an announcement expected at 2 p.m. ET on Wednesday. There will be no press briefing with Chairman Ben Bernanke this month.
"Direction will be limited ahead of the Fed outcome, where markets hope to garner some clues on the timing of the beginning of tapering. However, given that the consensus has clearly shifted to a March 2014 beginning of tapering, it is difficult to see how the Fed could build on already dovish market expectations," said Mitul Kotecha, head of global markets research Asia, at Credit Agricole.
(Read more: Wall Street listens for cooing of dovish Fed)
It will also be a busy day on the government bond calendar,with the Treasury to auction $29 billion of seven-year notes.
—By CNBC's Katy Barnato