Real trading begins at 2PM Wednesday after the Fed.

Wednesday’s market trading will start at 2pm after the Fed states that rates will stay pat for now.

As I wrote Tuesday, Mario Draghi and the European Central Bank with its stimulus announcement really ties Jerome Powell’s hands to cut rates. It would undo the ECB move before it had time to bolster the euro.

The stock futures market right now has little conviction either was as levels are flat at 6AM.

Stay tuned.