5 Things to Know In the Market Today

1. BoJ reboots stimulus program
The Bank of Japan (BoJ) rebooted its stimulus program Wednesday with new tactics, although the Japanese central bank left interest rates and asset purchases unchanged.
Amid the actual changes, the BoJ removed the cap to its inflation target stating its intention to continue intervention until inflation exceeds the 2% mark “and stays above the target in a stable manner”.

2. Fed expected to hold on rates, eyes on updated projections and Yellen
When U.S. markets open on Wednesday, investors will react to the BoJ decision and set up trades ahead of the long awaited policy decision from the Federal Reserve.
The Fed is not expected to make a move on interest rates at the conclusion of its two-day policy meeting at 2:00PM ET (18:00GMT) on Wednesday, but investors will first focus on the statement and updated forecasts for economic growth and interest rates that will be released simultaneously with the rate decision for a first gauge on when the central bank contemplates returning to policy normalization.
Fed chair Janet Yellen will then hold what will be a closely-watched press conference 30 minutes after the release as investors look for any change in tone about the economy or future rate hikes.

3. Global stocks react to BoJ ahead of Fed decision
Bullish sentiment in equities was buoyed on Wednesday as the BoJ announced its policy decision.
Asia was broadly higher, led by the 1.91% jump in the Nikkei 225.
European stocks also traded up as the region’s financial institutions spiked nearly 2% on hopes that the European Central Bank (ECB) would take a cue from the BoJ and follow through with more easing measures.

4. Oil jumps on huge supply withdrawal
Oil prices were sharply higher during European hours on Wednesday, after falling to a six-week low overnight, as market players awaited fresh weekly information on U.S. stockpiles of crude and refined products.
After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by a whopping 7.5 million barrels in the week ended September 16.

5. OECD cuts global growth forecasts
The Organization for Economic Cooperation and Development (OECD) cut its forecasts for global growth to 2.9% this year, down from a forecast of 3.0% in its last estimates in June.
This is the lowest level since the global financial crisis of 2008-2009.
"This is well below past norms and implies that globalization as measured by trade intensity may have stalled," the Paris-based organization said.
OECD also cut its forecast for growth in the U.S. economy to 1.4% this year, from the prior estimate of 1.8%.