US STOCKS-Wall St set to open little changed ahead of Fed statement
* Fed statement expected at 2 p.m. ET
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By Tanya Agrawal
July 29 (Reuters) - Wall Street was set to open little changed on Wednesday on hopes that Beijing could stem the rout in its markets and ahead of a statement from the U.S. Federal Reserve that could give clues regarding the timing of a rate hike.
Investors are focused on the outcome of the Fed's two-day policy meeting with markets divided on whether it will take a hawkish or dovish stance. No move on rates is expected this week.
In a recent congressional testimony, Fed Chair Janet Yellen neither ruled out a September interest rate hike nor guided the market toward thinking it was a done deal. The statement is expected at 2 p.m. ET (1800 GMT).
U.S. interest rates have remained near zero for nearly a decade. Higher rates increase the cost of borrowing for companies. Continuación...