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The
Fed will announce the outcome of its policy meeting at 2 p.m.
ET, followed by a press conference by Chair Janet Yellen at 2:30
p.m. ET.
An increase in the Fed's benchmark rate, from near zero, would
be the first since 2006.
Fed fund futures see a 30 percent chance the Fed will pull the
trigger. Of the 80 economists polled by Reuters, 35 said a rise
is likely on Thursday.
Energy stocks pushed Wall Street higher on Wednesday after an
almost 6-percent jump in oil prices, but trading was thin as
investors braced for the Fed.
Speculation about when the Fed will move has dogged Wall Street
for months, and recent market turbulence linked to slowing
growth in China has further complicated the picture.
Many analysts say a rate hike now would help remove a lot of the
uncertainty that has troubled investors.
"As it stands now considering (Wednesday's) market rally, the
bearish decision will be for the Fed not to hike," Mike
O'Rourke, chief market strategist at Jones Trading, said in a
note.
The Fed has said it will raise rates when it sees a sustained
recovery in the economy. While the unemployment rate has fallen
to multi-year lows, inflation has remained stuck at 1.8 percent,
below the Fed's 2 percent target.
Shares of Cablevision jumped 16.3 percent to $33.20 premarket
after European telecoms group Altice agreed to buy the company
in a deal valued at $17.7 billion.
Oracle was down 1.4 percent at $37.74 a day after the company
warned that revenue could fall in the current quarter.
(Reporting by Tanya Agrawal; Editing by Ted Kerr)
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