point hike Wednesday at 2:15 p.m. (1915 GMT) when the policy-making Fed panel concludes its meeting. The FOMC has raised short-term U.S. interest rates five times in succession since last June. But its trend-setting federal funds rate still is considered to be relatively low at 2.25 percent. Higher interest rates often weigh on most stocks because they raise the cost of borrowing money. Oil prices slipped after rising more than $1 a barrel on Monday. They remained around $48 on worries that OPEC producers may cut supplies before the end of the first quarter. U.S. light crude dropped 50 cents to $47.70 a barrel. Rising oil prices raises concerns that higher energy costs will hurt corporate profits and curb consumer spending.
