U.S. stocks steady on Fed day; Dollar rallies on Putin

Markets were muted Wednesday with investors mostly sidelined before another expected rate hike from the Federal Reserve.

European equities swung higher after posting early losses in the run-up to the Fed meeting. US equity futures steadied after the S&P 500 slid on anxiety policy makers are risking recession in their zeal to subdue price pressures. Benchmark Treasury yields slipped 3 basis points to 3.53 per cent.

Officials are widely expected to boost rates by 75 basis points for the third time in a row, according to the vast majority of analysts surveyed by Bloomberg. Only two project a 100 basis points move. 

The dollar headed for a fresh record while the euro fell as investors reacted to Putin’s announcement of a “partial mobilization” as he pledged to annex the territories his forces have already occupied, vowing to use all means necessary to defend Russia.