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- US stocks fell on Tuesday as the Federal Reserve kicks off its May FOMC meeting today.
- Fed Chairman Jerome Powell is expected to announce a 25-basis-point interest rate hike on Wednesday.
- Powell's remarks will be closely monitored by traders for clues of a potential pause in rate hikes after recent bank failures.
US stocks edged lower on Tuesday as traders prep for the Federal Reserve's May FOMC meeting, which is expected to conclude with a 25-basis-point interest rate hike on Wednesday.
Investors will also be looking to Fed Chairman Jerome Powell's press conference for any clues that a pause in future rate hikes is imminent, especially after First Republic Bank became the third bank to collapse in recent months.