London (CNN Business) 1. Fed time: Wednesday belongs to Federal Reserve Chair Jerome Powell.

The Fed's latest rate decision will post at 2:00 p.m. ET, followed by a press conference.

Investors are looking for Powell to deliver a solidly dovish message, following his remarks two weeks ago that the Fed would act as appropriate to sustain the economic expansion in the United States.

That triggered a stock rally, and now markets want additional details. Expectations for a rate cut in July are now at nearly 84%, according to the CME's FedWatch tool.

Setting the stage are comments from European Central Bank President Mario Draghi, who said Tuesday that he was open to boosting monetary stimulus if economic conditions in Europe don't improve.