The Fed has been pumping liquidity into the system by buying bonds and other securities worth $85 billion per month, providing support to markets around the world. Investors are concerned about the impact that scaling back this massive program will have on stocks and bond yields.
An announcement on so-called tapering could be made Wednesday.
Investors are also waiting on the Bureau of Labor Statistics, which will release the August edition of its Consumer Price Index at 8:30 a.m. ET. This is the government's key metric for inflation and it's expected to have notched up 0.2% last month, according to a Briefing.com consensus.
At 9 a.m., the Treasury Department will release its monthly report on international capital flows.