Wells Fargo WFC.N rose 1% to lead gains among the big banks. Traders are pricing in expectations of a 50 basis points rate hike and announcement of the start of reductions to its $9 trillion balance sheet when the Fed releases its statement at the end of its two-day policy meeting at 2 p.m. The spotlight will be on Fed Chair Jerome Powell's news conference for fresh clues on how far and how fast the U.S. central bank is prepared to go in an effort to bring down high inflation.