Here are the top news, trends, and analysis investors need to start their trading day:

1. Equities look stable ahead of Fed meeting updates

Traders on the floor of the New York Stock Exchange.

Source: NYSE

US stock futures were flat ahead of the Federal Reserve’s two-day meeting on Wednesday afternoon. No monetary policy changes are expected, but Wall Street wants to know if the Fed still considers rising inflation to be temporary and if its latest assessment will lead to an earlier than expected rate hike and tapering of its massive bond buying program. On the first day of the Fed’s meeting, and after another glowing inflation report, the S&P 500 and Nasdaq broke off their three-day winning streaks and broke off Monday’s record closing times. The Dow fell for the second straight year on Tuesday. The 30-share average was about 1.4% off its record closing price in early May.

2. Bond yields in the Fed hold pattern after the latest hot inflation data

June 2021, employees work in a truck manufacturing factory in Zhangjiakou in the northern Chinese province of Hebei.

STR | AFP | Getty Images

3. Last key economic data for the Fed to consider

New townhouses are being built in Tampa, Florida on May 5, 2021 while building materials are in high demand.

Octavio Jones | Reuters

Housing starts and permits for May, the last key economic data before the Fed’s decision, were released on Wednesday morning. New build rose by 3.6% in May to a seasonally adjusted annual rate of 1.57 million units. Building permits also fell short of estimates, falling 3% last month to a seasonally adjusted annual rate of 1.68 million. Both launches and permits have been revised down for April. In addition to its policy statement, the Fed also publishes its quarterly summary of economic forecasts. According to CNBC’s latest Fed poll, economists, fund managers and Wall Street strategists see no throttling before January or the first rate hike of near zero by November 2022.

4th high-level Biden-Putin summit begins in Geneva

Russia’s President Vladimir Putin (L) and US President Joe Biden meet for talks at Villa La Grange.

Mikhail Metzel | TASS | Getty Images

As one of the most anticipated geopolitical events of the year, the meeting between US President Joe Biden and Russian President Vladimir Putin began in Geneva on Wednesday. The summit comes as relations between the two nations have deteriorated and the US accuses Russia of meddling in the elections, as well as participating in human rights abuses and recent cyber attacks. Russia has always denied the multiple allegations, saying it was a victim of anti-Russian sentiment in the West. Biden meets Putin at G-7 and NATO summits after a whirlwind of American diplomacy with European allies.

5th study: Regeneron antibody cocktail can save hospitalized Covid patients

View of the corporate headquarters and research and development of Regeneron Pharmaceuticals on Old Saw Mill River Road in Tarrytown, New York.

Lev Radin | LightRakete | Getty Images

According to a study by the University of Oxford, an antibody combination from the US biotech Regeneron reduces the risk of death when given to hospital patients with severe Covid whose own immune systems are not responding. Dr. Scott Gottlieb told CNBC on Wednesday, ‚ÄúThis was the subset that the [former] President also likely fell into disrepair, “refers to when Donald Trump received Regeneron treatment during his battle with Covid last year symptoms and significantly reduces the risk of hospitalization or death.

Disclosure: Dr. Scott Gottlieb is a CNBC employee and a member of the board of directors of Covid vaccine maker Pfizer, genetic testing startup Tempus, health technology company Aetion, and biotechnology company Illumina. He is also co-chair of the Healthy Sail Panel of Norwegian Cruise Line Holdings and Royal Caribbean.