Waiting for this afternoon’s FOMC report and the Yellen speech.

From Investing.com:

In any case, market participants will likely wait to make big moves until the release of the FOMC statement at 18:00GMT, or 14:00ET, published simultaneously with updated economic projections from Fed members, including the dot plot that shows Fed members’ forecasts for the future path of interest rates.Although no change in interest rates is expected at this meeting, the former will be sifted through with a fine-toothed comb to detect any minute change in the language, especially with regard to the balance of risks, while the latter will be closely watched to determine the outlook for the economy, prices and Fed expectations for the next rate hike.30 minutes after the release, market attention will shift to the tone of the press conference with Janet Yellen as investors look for indications for the future path of monetary policy.

Source: Wall Street waits for the Fed and Yellen as inflation creeps up By Investing.com