01:54 PM EDT, 06/18/2025 (MT Newswires) -- US benchmark equity indexes were higher ahead of the Federal Reserve's latest monetary policy decision and its updated outlook.

The Nasdaq Composite was up 0.4% at 19,596.6 after midday Wednesday, while the S&P 500 rose 0.3% to 5,997.9. The Dow Jones Industrial Average advanced 0.2% to 42,299.1. Barring energy, all sectors were higher, led by real estate and consumer discretionary.

The central bank's Federal Open Market Committee is scheduled to announce its interest rate decision and outline its Summary of Economic Projections at 2 pm ET. Fed Chair Jerome Powell's press conference is scheduled for 2:30 pm.

Markets widely expect the FOMC to again hold interest rates steady, according to the CME FedWatch tool.

"If we abstract from the effect of tariffs, underlying US consumer inflation has been in retreat," Macquarie said in a note. "As such, (Powell) may sound more 'dovish' today than he was in May, even though the median dots will shift in a 'hawkish' direction compared to March. Instead of a 'radically neutral' discourse, the focus may be on why another rate cut may be needed later in 2025."

US Treasury yields were lower intraday, with the 10-year rate falling 2.8 basis points to 4.36% and the two-year rate losing 2.1 basis points to 3.93%.

West Texas Intermediate crude oil was down 0.1% at $74.80 a barrel. Iran wants to negotiate with the US over the former's nuclear program, CNBC reported, citing US President Donald Trump.

Iran's Supreme Leader Ayatollah Ali Khamenei on Wednesday reportedly warned the US of "irreparable damage" if it joined Israel's strikes.

In economic news, US housing starts fell more than projected last month, driven by a sharp slump in multi-family projects, government data showed.

Homebuilding is likely to remain subdued in the coming months amid mortgage rates close to 7% and an uncertain economic outlook due to trade tensions, TD Economics said.

Weekly applications for unemployment insurance in the US declined, while a four-week average of continuing claims remained at their highest level since November 2021, the Department of Labor said.

In company news, Korn Ferry ( KFY ) shares jumped 8.2% as its fourth-quarter results surpassed analysts' expectations, while the consulting firm forecast first-quarter earnings growth on an annual basis at the mid-point of its guidance range.

Gold was little changed at $3,407.3 per troy ounce, while silver fell 0.6% to $36.92 per ounce.