At the Open: Equity futures were subdued early Wednesday morning as investors continued to hold back on outsized bets ahead of the Federal Reserve’s (Fed) final monetary policy decision of the year.

Market pricing still points to another 0.25% cut, although focus has turned toward the debate around whether the Fed’s view will lean hawkish or dovish for 2026. Treasury yields extended gains with the 10-year yield nearing 4.19% amid focus on a hawkish shift by global central banks, pressuring global sovereign debt yields near 16-year highs. Meanwhile, the third quarter employment cost index arrived slightly below forecasts and second quarter results, while Oracle (ORCL) highlights post-close earnings announcements.

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