NEW YORK (TheStreet) -- Stock futures held gains before Wednesday's open ahead of the Federal Open Market Committee's rate decision in the afternoon.
Futures for the S&P 500 were up by 4.6 points at 1108.5 and were 5.52 points above fair value. Nasdaq futures were higher by 8 points and 7.29 points above fair value.
November's consumer price index rose 0.4%, meeting expectations and prompting some relief after November's wholesale prices rose more than expected, stoking inflation fears.
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November housing starts also met expectations at 574,000, from 529,000 in October. Building permits came in a little higher than forecasts, rising 6% from October's decline of 4.2%.
The Fed is not expected to increase interest rates when it announces it decision at 2:15 p.m. EST.
Also on Wednesday, homebuilder Hovnanian Enterprises(HOV Quote) reports quarterly earnings.
The executive pay debate is back in the news as the SEC adjusts disclosure policies to more accurately reflect executive compensation.
Credit Suisse(CS Quote) said it's likely to pay $536 million to settle a government probe investigating its possible dealings with countries under U.S. economic sanctions.
The U.S. dollar was trading lower ahead of the Fed's rate decision, with the dollar index lower by nearly 0.2% early Wednesday.
Crude oil was trading higher Wednesday even though the American Petroleum Institute reported a surprise increase in weekly crude stockpiles Tuesday. The Energy Information Administration releases its report at 10:30 a.m. EST. The January crude contract was last up by 65 cents to $71.34 a barrel.
Gold prices were also higher, with the February contract up by $12.60 at $1,135.60 an ounce.
Overseas, Hong Kong's Hang Seng fell 0.9%, and Japan's Nikkei rose 0.9%. The FTSE in London was last up by 0.2%, and the DAX in Frankfurt was higher by 1.1%.
