U.S. stock futures are little changed this morning ahead of today’s FOMC releases at 2pm EST and Bernanke’s news conference at 2:30pm. Overnight the currency markets experienced only modest price changes, with the dollar index down nearly -0.1% and the euro just slightly higher. Bank of America’s Corporate Master Index OAS (option adjusted spread) rose to a YTD high of 158bps after $5B (corporates) priced yesterday (explanation here). Copper is trading modestly lower at -0.3%, while natural gas is extending gains by +0.8% to $3.937; crude oil is even on the day. Treasuries overnight held steady, but recently yields started moving lower with tens down -2bps on the day to 2.17%. Investors today awaiting the Fed’s policy statement and economic projects are looking for details on whether/when the Fed believes the economy is strong enough for the central bank to begin tapering its current open market bond purchases. The market’s response is likely to depend on the smaller details of Bernanke’s press conference, just as it did on May 22 when in a response to questions before congress he mentioned a hypothetical hawkish scenario, stating that it was possible the Fed could scale back stimulus if economic conditions warrant it. Projections for U.S. economic growth are likely to be cut back close to the median of many private economists.