Wednesday is a big day as investors eagerly await today’s FOMC announcement.

World shares edged higher while major currencies and commodities stayed within recent ranges as investors nervously await a decision on the Fed’s next move.

The FOMC is expected to leave policy the same following the central bank's monthly meeting, but they may hint when the Fed will start scaling back its bond buying program.

Investors fear that the central bank may begin to taper its quantitative easing (QE) program after Fed Chairman Ben Bernanke in May said that the central bank could possibly begin to downsize its program in the next few meetings if the economy sees enough improvement. 

Obama hinted earlier in the week that he may be looking for a new chairman of the Federal Reserve. Obama said in an interview Monday Fed Chairman Ben Bernanke has stayed in his post longer than he wanted, a signal that the central bank chief will leave when his current term expires next year.

“Ben Bernanke’s done an outstanding job,” Obama said in an interview with Charlie Rose, when asked about nominating him for another term subject to Senate approval. “He’s already stayed a lot longer than he wanted or he was supposed to.”

The FOMC will announce its decision at 2 p.m. Eastern, followed 30 minutes later by a news conference with Bernanke.