Besides Fed, other reports to analyze Wednesday

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In addition to Wednesday's meeting of the Federal Reserve, there are other economic reports due:

The Commerce Department releases housing starts for August.

Federal Reserve policymakers meet to set interest rates.

The European Commission, the 28-nation bloc's executive arm, is presenting its draft legislation in Brussels on financial benchmarks aiming to prevent further manipulation as was revealed in the case of the LIBOR, the critical rate banks use to borrow from each other.

FedEx Corp. reports quarterly earnings before the market opens.

Oracle Corp. reports quarterly earnings after the market closes.