After a two-day meeting, the Fed is due to the release its monetary policy statement later this afternoon, as well as its economic forecasts. The news will be followed by a press briefing with Fed Chairman Ben Bernanke.

(CNBC Explains: Federal Reserve Open Market Operations)

Investors will be looking for any signs that the central bank could start winding down its quantitative easing program. It is expected to keep monetary policy unchanged this month however, continuing its super low rates policy and its $85 billion a month in asset purchases. Fed watchers expect it to stick with its program until the middle of next year, according to CNBC's Fed survey.

Meanwhile, gold eased from the previous session's three-week high on Wednesday. Spot gold was last seen at $1,608.70, down 0.3 percent. U.S. gold futures for April delivery fell 0.3 percent to $1,607.

(Read More: Pro: The Level of Truth for Gold)

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