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The
Fed is not expected to raise interest rates at the two-day
meeting, which begins on Tuesday, but investors will be on the
lookout for the central bank's comments on the economy and its
plan to hike rates amid global economic weakness.
Central bank intervention has been at the forefront of efforts
by major economies to calm financial markets and spark growth at
a time when demand and inflation remain low.
The Bank of Japan began a two-day meeting on Monday and is
expected to keep policy unchanged after adopting negative
interest rates in late January.
Crude prices, which have dictated the direction of the stock
market this year, fell about 2 percent after Iran quashed hopes
of a quick deal by major producers to freeze production. [O/R]
Wall Street is coming off a strong rally last week that saw the
S&P 500 and the Dow Jones industrial average record their best
close of 2016 on Friday.
Steadying oil prices and data pointing to strengthening U.S.
economy have helped stocks recover from a steep selloff at the
start of the year. The S&P 500 is now down only 1 percent so far
in 2016, after falling as much as 10.5 percent.
Shares of Starwood Hotels & Resorts <HOT.N> were up 10.1 percent
at $70.42 premarket after the company received a takeover offer
of $76 per share from a consortium of companies.
(Reporting by Abhiram Nandakumar in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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