Morning Market Update: March 17, 2010

U.S. stock futures are trading higher Wednesday after both the U.S. and Japanese central banks reaffirmed plans to keep interest rates low in order to drive economic growth. The Federal Reserve said on Tuesday that it was keeping a key lending rate at a low level and said that the economy is showing signs of recovery. The Japanese central bank said that it is keeping a key interest rate at 0.1% and expanded money available through its short-term lending program. Economic reports due out include the Labor Department's Producer Price Index. Economists expect that the index likely fell 0.2% in February. Excluding food and fuel prices, wholesale inflation like rose 0.1%. The report is due out at 8:30 AM ET. Fed Chairman Ben Bernanke is set to testify before Congress today about banking regulation reform. The Dow Jones Industrial Average (DJI) futures are trading 23.00 points above fair value, the S&P500 (INX) futures are trading 2.70 points above fair value, and the Nasdaq Composite (IXIC) futures are trading 3.50 points above fair value.