U.S. stock index futures were muted on Wednesday ahead of the Federal Reserve's monetary policy decision, as investors traded cautiously amid the raging Israel-Iran conflict that entered its sixth day.

The headline event for the day will likely arrive at 2 p.m. Eastern, when the Federal Reserve is set to announce its latest move on interest rates. The nearly unanimous expectation is that it will hold rates steady, as it’s been doing for all of this year after cutting through the end of 2024.

The Fed is expected to hold rates steady as it continues to observe the effects of President Donald Trump's tariffs.