Wall Street awaits Federal Reserve, Janet Yellen

U.S. stock-index futures held little changed on Wednesday after a government gauge showed consumer prices unexpectedly fell in August, leaving the Federal Reserve little reason to be concerned about inflation as it considers monetary policy.

FedEx rose in early New York trading after the shipper reported first-quarter earnings that topped estimates; Lennar also gained as the home builder posted quarterly earnings and revenue above expectations, and General Mills fell after the food producer tallied earnings and revenue below estimates.

The Consumer Price Index declined 0.2 percent last month, while prices excluding food and energy costs held unchanged.

The dollar edged lower against the currencies of major U.S. trading partners and the yield on the 10-year Treasury note used to figure mortgage rates and other consumer loans fell 4 basis points to 2.557 percent.

After a two-day policy meeting, the Fed on Wednesday is seen announcing a $10 billion further reduction in its monthly asset purchases to $15 billion, ahead of ending the buying program in October.

The central bank will also publish updated economic forecasts, also at 2 p.m. ET. Fed Chair Janet Yellen with give a press briefing at 2:30 p.m.

The Dow hit a new record on Tuesday, turning decisively higher during a webcast from the Wall Street Journal, during which journalist Jon Hilsenrath argued the Fed would remain dovish in its statement on Wednesday.

—By CNBC's Katy Barnato