U.S. Stock Futures Are Higher Ahead of Today's Fed Announcement

U.S. stock futures are higher:  Ahead of the Fed announcement today, all three primary equity futures are trading higher.  Investors are anticipating a 75-bps hike and Powell has previously guided for a 50-bps increase but last week’s higher than expected CPI release has modified market consensus .  Retail sales for May was -0.3% compared to consensus of 0.1% and ex vehicles and gas was 0.1% versus 0.5% estimates.   Treasury yields are trending lower.  The European Central Bank announced this morning plans to discuss the disruption in the regions bond markets, as southern European government debt yields jumped and the ECB offered to create a new tool to mitigate fears of a crisis.  European markets are up following this announcement and Asian markets closed lower.