US Futures pare gains after hotter producer price report. Producer prices rose 0.3% m/m and 3.1% y/y, both higher than estimates. Producer prices excluding food and energy rose 0.3% m/m and 2.4% y/y, also both higher than estimates. Later this morning the market will get the latest read on crude and gasoline inventories. At 2:00pm, the much anticipated FOMC policy announcement will be released with the market expecting a 0.25% raise in the range to a new range of 1.75-2.00%. The announcement will be followed by a 2:30pm press conference by Fed Chairman Jerome Powell. European shares are mostly higher despite a weaker than expected euro-area industrial production numbers from April. Asian shares closed mostly lower with financials and material stocks lagging, while utilities outperformed.