The Market On Wednesday

  Good morning. It is 74 degrees and sunny here in the Upper Hudson Valley. The temperature will soar into the high 90s today and it will be muggy. It will be one of those stagnant hot Summer days that climate scientists expect for us to experience more and more as climate change advances. The town is putting in new sewerage pipes on the roads adjacent to the house. That means that starting just before 7 a.m. it sounds like a battle zone around here and it doesn't smell all that pretty either. On the other hand apparently there is a need, more demand, and improvements have to happen.

  At 8:45 a.m. ET futures are modestly higher and the price of oil per barrel is down. The market is poised to open higher.

  China's market is temporarily stable as the Chinese government intervenes. I wonder how our GOP brethren are reacting to that move, I would suspect positively since money that goes from the government into the hands of big business is a decidedly favorable GOP move. As long as it's out of the hands of the needy...It is an announcement by the Fed today on interest rates that will hold a lot of sway. The expectation is for a postponement of a rate hike till later this year. We shall see.

CNN: Stocks: 5 things to know before the open

The Federal Open Market Committee issues its decision on interest rates at 2 p.m. ET.