Futures are very quiet once again as the market stays on hold ahead of the Federal Reserve policy announcement this afternoon. As usual, the FOMC decision, press release and supplemental data will be released at 2 pm ET, followed by a press conference by Fed Chair Janet Yellen at 2:30 pm ET.

It is widely expected that the Fed may begin its process of balance sheet normalization coming out of this meeting, but the market ascribes virtually zero odds to a rate hike coming this afternoon. In early pre-market trading, Dow futures are 13 points above fair value, Nasdaq futures are 1 point above fair value and S&P futures are 1 point above fair value.