"Any hot readings of incoming economic data and inflationary signals are tempered by the macro risks posed by the Delta variant," Fundstrat's Tom Lee said.
"Overall, we characterize this meeting as being slightly hawkish, but not overly so," a strategist said.
US stocks closed higher Monday, led by the tech-heay Nasdaq, which was up by 2% in afternoon trading before paring some gains.
Major US stock indexes pare gains after data showed weaker-than-expect data for US housing starts in April.
US stocks were mixed Wednesday, with tech ending lower. Moderna and Pfizer tumbled after news broke that the Biden administration backs lifting vaccine IP protections.