Markets flat ahead of Fed decision; Oracle earnings in focus

Global futures markets are trading flat as investors exercise caution ahead of Wednesday's Federal Open Market Committee (FOMC) monetary policy decision. The lack of directional conviction reflects widespread uncertainty about the Fed's rate trajectory for 2025. Market participants are closely watching for any shifts in the dot plot projections and Powell's commentary on inflation progress. Oracle's upcoming earnings report adds another layer of complexity to market sentiment, potentially influencing tech sector flows that could impact risk appetite. Currency markets remain range-bound, with major pairs consolidating near recent levels. The dollar index holds steady as traders avoid significant positioning before the Fed announcement. Implied volatility has increased across FX options, suggesting expectations for larger moves post-FOMC. Traders should prepare for potential volatility spikes Wednesday afternoon as the Fed's decision could reshape currency market dynamics heading into year-end.