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US futures upbeat after two days of gains; all eyes on Fed

U.S. stock index futures signaled a positive open on Wednesday as fears of military movements in Ukraine receded and ahead of U.S. Federal Reserve officials concluding their two day Federal Open Market Committee meeting.

(Read more: Wall St eyes Yellen for possible job target shift)

The conclusion of today's FOMC meeting and Fed Chair Janet Yellen's debut press conference as head of the Fed will take center stage on Wednesday afternoon. The consensus emerging currently is that the central bank will taper by another $10 billion and alter its forward guidance stance.

Peter Hooper, chief economist at Deutsche Bank Securities, said in a morning note that the Fed will want to change its forward guidance without making the markets worry about a rise in interest rates:

"To achieve this…the Fed is more likely to drop mention of the 6.5 percent threshold and strengthen its current references to other labor market indicators – for example highlighting their commitment to substantial further progress in reducing unemployment and raising inflation up to target, so long as inflation expectations remain stable."

(Read more: Former Fed Governor: Rates will rise by end of this year)

The FOMC meeting's announcement is due at 2pm ET, with the Yellen press conference to follow 30 minutes later.

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