U.S. stock indexes are drifting as Wall Street waits to hear from the Federal Reserve later in the afternoon about what it will do with interest rates.

Under normal circumstances, a pair of dissents in favor of a rate cut would be taken as a sign the Fed is taking a dovish turn, Tom Essaye, editor of Sevens Report Research, wrote in a Tuesday note. It would be signal that policymakers are moving in favor of easing, making a reduction at the next meeting a more likely event.

Stock markets were mixed in Europe and on Wall Street on Wednesday while the dollar rose further from recent lows as investors took a cautious approach ahead of earnings from