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President Donald Trump on Wednesday took the much-anticipated step of waiving a 1920 law known as the Jones Act in an effort to combat soaring prices for crude oil and other key commodities.

"The big action is going to be in the summary of economic projections and, of course, the press conference," says Joe Brusuelas on Wednesday's interest rate decision from the FOMC. He's leaning toward December for the next rate cut due to the committee staying "cautious" until the U.S.-Iran uncertainty subsides.

Jeff Currie, chief strategy officer at Carlyle Energy Pathways, examines the disconnect between the paper and physical oil markets and the “bumpy ride” he expects as the market begins rebalancing supply and demand. -------- More on Bloomberg Television and Markets Like this video?

US stocks are set to open slightly higher on Wednesday as investors react to oil price fluctuations and brace for the Federal Reserve decision and forecasts later in the day.  Futures for the Dow Jones, S&P 500 and Nasdaq were all up around 0.1%, down from gains of 0.3-4% earlier, after oil prices hardened.

With the FOMC expected to pause interest rate cuts in Wednesday's decision, Kevin Green urges investors to keep an eye on the crude oil trade. He believes the commodity will remain the key driver to market momentum.