* Futures: Dow up 9 pts, S&P unchanged, Nasdaq up 4 pts
By Tanya Agrawal
Sept 16 (Reuters) - U.S. stock index futures were little changed on Wednesday as investors held off on making big bets ahead of the two-day Federal Reserve meeting that will decide on an interest rate hike.
* All eyes will be on the Fed as it begins its meeting later on Wednesday and holds a conference on Thursday, when it will announce if it will raise long-term interest rates for the first time since June 2006.
* Speculation about when the Fed will end seven years of near-zero interest rates has dogged Wall Street for several months, with the picture complicated by recent market turbulence that some see as justification for the central bank to hold off.
* Stocks have been volatile since China devalued its currency in August. The S&P 500 has had moves of at least 1 percent in 12 of the past 18 sessions.
* The Fed has said it will raise rates only when it sees a sustained recovery in the economy with special emphasis on the labor market and inflation. While the job market has continued to gain strength, inflation remains below the 2 percent target set by the central bank.
* Another gauge of inflation will be the U.S. Consumer Price Index for August due at 8:30 a.m. ET (1230 GMT), which is expected to have remained unchanged.
* The dollar index was up marginally at $95.69, off a two-week low struck on Monday, after upbeat consumer spending data released on Tuesday kept alive expectations the Fed would raise interest rates.
* The Organization for Economic Cooperation and Development trimmed its growth outlook on Wednesday for the global economy but said the United States is doing well enough that its central bank should go ahead with a rate increase.
* Shares of Hewlett-Packard were up 0.3 percent at $27.20 premarket, a day after the tech pioneer said it expects to cut another 25,000 to 30,000 jobs in its enterprise business.
* U.S.-listed shares of Anheuser-Busch InBev were up 6.1 percent at $114.76 after the world’s biggest beer maker approached rival SABMiller about a takeover that would form a brewing colossus that makes around a third of the beer drunk globally.
Futures snapshot at 7:21 a.m. ET:
* S&P 500 e-minis remained unchanged, with 175,595 contracts changing hands.
* Nasdaq 100 e-minis were up 4 points, or 0.09 percent, in volume of 19,911 contracts.
* Dow e-minis were up 9 points, or 0.05 percent, with 22,917 contracts changing hands. (Reporting by Tanya Agrawal)