08:13 AM EDT, 05/07/2025 (MT Newswires) -- US equity futures were higher pre-bell Wednesday as traders monitored developments surrounding the country's tariff policy and looked ahead to the Federal Reserve's decision on interest rates.

Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all up around 0.6%.

Treasury Secretary Scott Bessent said Tuesday he would seek to "de-escalate" trade tensions between China and the US at negotiations slated to begin this week in Switzerland.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.8% at $62.62 per barrel and US West Texas Intermediate crude up 0.9% at $59.62 per barrel.

The Federal Open Market Committee is scheduled to release a policy statement at 2 pm ET. Analysts are expecting no change in the Federal Funds target rate range of 4.25% to 4.5%.