Today's Fed decision at center stage

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Today's economic calendar includes weekly mortgage data and oil inventories, but the market will be intently focused on Fed announcements this afternoon.

The day begins with weekly MBA mortgage-purchase applications at 7 a.m. ET. There are no estimates for this report, which showed an increase of 18 percent in the previous reading.

The weekly EIA petroleum inventory figures are scheduled for 10:30 a.m. ET. The previous level showed a draw of -191,000 barrels.

The Federal Open Market Committee will announce its rate decision at 12:30 p.m. ET, followed by its quarterly forecast at 2 p.m. ET. Analysts are expecting rates to remain unchanged, with estimates ranging from zero to 0.25 percent.

Fed Chairman Ben Bernanke will hold a press conference at 2:15 p.m. ET.

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