5 things you need to know Wednesday
1. Federal Reserve's two-day meeting on interest rate policy wraps up
We may get a better idea when the central bank may begin raising rates. In a statement following the meeting that concludes Wednesday, the Fed is likely to drop a promise to be "patient" as it weighs interest rate hikes, clearing a path for an increase as early as June based on recent Fed guidance. The Fed's benchmark rate has been near zero since the 2008 financial crisis, which has helped fuel the six-year bull market.
2. Netanyahu's Likud Party sweeps to election victory
Israeli Prime Minister Benjamin Netanyahu's ruling Likud Party swept to victory in the country's election Wednesday, with nearly all the votes counted. Likud appeared to have earned 30 out of the 120 seats in the country's Knesset, or parliament, leading the center-left opposition Zionist Union, which appeared to have won 24 seats, giving Likud a strong position to try to form a coalition government.
3. Major retailers band together for first cross-brand loyalty program
A new cross-brand loyalty program means consumers can earn points for buying a pair of shoes at Macy's and use those points toward an AT&T bill. The program, called Plenti, connects Macy's, Rite Aid, AT&T, ExxonMobil, Nationwide, Hulu and Direct Energy (for starters). Consumers will be able to earn and spend points with any of these brands. The program is not connected to a credit card, and it's free to sign up. Say goodbye to all those plastic keychain cards.
4. U.S. veteran in court for alleged attempt to join Islamic State
An Air Force veteran who was charged with attempting to provide support to the Islamic State earlier this year will be arraigned Wednesday in federal court in New York City. Prosecutors allege that American Tairod Nathan Webster Pugh, after being fired in January from his job as an aircraft mechanic in the Middle East, traveled from Egypt to Turkey in an apparent effort to cross the border into Syria to join the terrorist group also known as ISIL or ISIS. Turkey sent him back to Egypt. Egypt deported him to the U.S. Air Force officials confirmed that Pugh served the U.S. from October 1986 until Oct 1990.
5. Senate Republicans to unveil budget proposal
House Republicans unveiled a 10-year budget blueprint on Tuesday. Senate Republicans, led by Budget Chairman Mike Enzi, R-Wyo., will unveil a competing budget resolution Wednesday. Both chambers are scheduled to vote on their plans next week, with a goal of passing a joint budget resolution by an April 15 deadline. It is the first time in nearly a decade that congressional Republicans are in control of both chambers and tasked with enacting a budget.
And, the essentials:
Weather: Much of the nation's southern tier will see a soggy Wednesday while most of the East Coast and North stays dry.
Stocks: U.S. stock futures were higher Wednesday.
TV Tonight: Wondering what to watch tonight? TV critic Robert Bianco looks at Arrow, Empire and The Untold Story of the Sound of Music.
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