Traders work on the floor of the New York Stock Exchange September 16, 2014.BRENDAN MCDERMID
North American markets opened barely changed, as traders wait to see if the U.S. Federal Reserve has any plans to raise interest rates before the middle of next year.
The S&P/TSX composite index dipped 12.12 points to 15,498.42. The Canadian dollar was up 0.08 of a cent to 91.24 cents (U.S.).
Wall Street was flat, with the Dow Jones industrials ahead 16.12 points to 17,148.09, the Nasdaq gained 4.8 points to 4,557.56, and the S&P 500 index advanced 2.41 points to 2,001.39.
Markets are staying cautious ahead of the Fed's announcement at 2 p.m. ET. Fed chair Janet Yellen will hold a news conference at 2:30 p.m. ET.
Traders will be watching to see if the U.S. central bank will signal that it will hike interests rates before mid-2015, on signs of an improving economy and labour market. In the past, the Fed has said it plans on keeping rates at current low levels for a "considerable time" after its asset-buying program ends in October. Markets will look to see if the Fed drops those two words and takes a more hawkish tone on rates in this latest announcement.
The other major event that traders are waiting for is Thursday's Scottish referendum on independence. Polls show the Yes and No camps are neck and neck, with undecided voters expected to decide the outcome of the vote. Secession would have complications for Scotland, from currency to its membership in the European Union and NATO.
U.S. Treasury debt prices were boosted by tame U.S. inflation data that soothed concerns the Fed was likely to soon tilt toward tightening monetary policy. Yields on benchmark 10-year Treasury notes dipped to a session low of 2.558 per cent shortly after government economists reported U.S. consumer prices fell for the first time in nearly 1-1/2 years in August. Ten-year notes were last up 6/32 in price and yielding 2.5652 per cent.
The Labour Department said its Consumer Price Index dropped 0.2 per cent last month as a broad decline in energy prices offset increases in food and shelter costs. It was the first decline since April last year and followed a 0.1 per cent gain in July.
Brent crude oil steadied at around $99 per barrel , after jumping on Tuesday on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output. U.S. crude was down 21 cents to $94.67 after rising 2.1 per cent on Tuesday.
Gold inched up for a third straight session as the U.S. dollar eased and speculation mounted that the Fed would vow to maintain interest rates at low levels.
Spot gold was up 0.1 per cent at $1,236.24 an ounce. The metal was tentatively heading for a third day of gains but prices were still within reach of an eight-month low of $1,225.30 hit on Monday. U.S. gold futures were little changed at $1,236.80.
– With files from Reuters