NEW YORK (CNNMoney)
The central bank will decide the fate of Operation Twist, a program that is set to end this month.
Fed officials are "universally expected" to expand the third round of its bond-buying program by adding Treasuries to its current monthly purchase of $40 billion in mortgage-backed securities when Operation Twist concludes Dec. 31, said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.
"There shouldn't be any surprises from the Fed today," added Sal Arnuk, co-head of Themis Trading. "They've telegraphed what we should expect."
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq moved up 0.1% and 0.3%. The S&P and Dow are on track for a sixth straight day of gains.
Related: Federal Reserve may buy more bonds
The Fed's policy announcement is due at 12:30 pm ET. The central bank's new economic forecasts are due later in the afternoon, while Fed chairman Ben Bernanke will take questions at a news conference at 2:15 pm ET.
Meanwhile, investors will be carefully listening to remarks by House Speaker John Boehner at a 10 a.m. press conference with other Republican members of Congress to see if leaders in Washington are making progress in fiscal cliff negotiations. Lawmakers must reach a compromise to avoid the tax increases and spending cuts that are set to kick in automatically on Jan. 1. Without a deal, many economists worry that the U.S. economy could fall back into a recession.
U.S. stocks finished higher Tuesday.
Fear & Greed Index
On the corporate front, Costco (COST, Fortune 500) posted better-than-expected earnings and revenue for its fiscal first quarter, yet shares barely moved.
DuPont (DD, Fortune 500) shares gained ground after the chemical company announced a $1 billion share buyback program and updated its 2012 earnings guidance to the high end of its previous range.
Nasdaq (NDAQ) announced plans to acquire three investing communications divisions from Thomson Reuters (TRI) for $390 million.
Shares of Berkshire Hathaway (BRKA, Fortune 500) were briefly halted ahead of an announcement that Warren Buffett's firm bought 9,200 of its Class A shares for $131,000 apiece from the estate of a long-time shareholder.
European markets were mixed but steady in morning trading, with France's benchmark index in the red. Asian markets continued their winning streak, even as North Korea fired a long-range rocket -- an unnerving event for many countries in the region.
The dollar fell against the euro and the British pound, but gained versus the Japanese yen.
Oil prices for January delivery added $1.17 to $86.96 a barrel, while gold priced for February delivery rose $8 to $1,716.20.
The price on the 10-year Treasury stayed steady with the yield at 1.66%. 
First Published: December 12, 2012: 9:45 AM ET
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