Market Outlook

Fed moves closer to policy change in week ahead

With stocks range bound, traders await the Fed's latest message on normalizing policy, after nine years of no interest rate hikes.

The Fed holds its June meeting on Tuesday and Wednesday and is not expected to take action when it releases its statement Wednesday afternoon.

But traders anticipate that Fed Chair Janet Yellen will have a message for markets when she holds a briefing after the meeting, and they will be looking for clues on whether the Fed would be ready to embark on its first rate hike in September, as many expect.