What to Watch in the Day Ahead - Wednesday, March 18
(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT) The U.S. Federal Reserve's Federal Open Market Committee announces its decision on interest rates (1400/1800). Federal Reserve Chair Janet Yellen holds a news conference. (1430/1830) Most economists expect the Fed to remove a pledge to be "patient" about raising interest rates from its statement, giving it flexibility over when to kick off its first rate hike since 2006. Package delivery company FedEx Corp is expected to post a higher third-quarter profit, helped by lower fuel prices. Investors will be looking for an update on the company's 2016 forecast and for comments on whether lower fuel prices can cause a greater year-over-year reduction in fuel surcharge revenue over the next few quarters. General Mills Inc, the maker of Bisquick and Betty Crocker cake mixes, reports fourth-quarter results. The company is cutting 700 to 800 jobs, improving supply chain efficiency and shaving advertising costs to save more than $400 million in fiscal 2015. The Mortgage Bankers Association is scheduled to release its seasonally adjusted index of mortgage application activity for the week. Applications for U.S. home mortgages fell 1.3 percent in the prior week. (0700/1100) Goldman Sachs' Business Development Company Inc's initial public offering is expected to raise about $126 million, valuing the specialty lender at $743 million. The company, which was formed by Goldman Sachs in 2012, had originated more than $1.27 billion in debt and equity investments. The lender's net investment income has more than tripled to $52.7 million for the year ended Dec. 31, 2014. As traditional lenders face tighter lending guidelines from regulators, BDCs have seen a surge in demand. Private equity firm TPG Capital LP took its BDC TPG Specialty Lending public last year. Statistics Canada is scheduled to release wholesale trade data for January. Wholesale trade is expected to have fallen 0.8 percent compared with December's 2.5 percent rise. (0830/1230) Chile's central bank is scheduled to release Gross Domestic Product figures for the fourth quarter. The Chilean economy is expected to have grown 0.9 percent quarter-on-quarter on a seasonally adjusted basis and 1.90 percent year-on-year. (0830/1230) Bank of England to publish minutes of its March monetary policy meeting. (0430/0830) (Compiled By Astha Rawat in Bengaluru; Editing by Simon Jennings)
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