A 25-bps rate cut is likely and the release of Summary of Economic Projections and a press conference by Fed Chair Jerome Powell could signal changes in the size and pace of projected future rate cuts.

Analysts foresee a hawkish shift in the dot plot, consistent with the movement in market expectations since the last update in September.

The U.S. dollar held steady against its major peers in Asian trade and gold was little changed, while oil prices traded mixed after a two-day decline as industry data showed a sizeable drawdown in U.S. commercial crude inventories.

China's Shanghai Composite index rose 0.62 percent to 3,382.21 after reports emerged that China is planning a record budget deficit for 2025 and that the State-owned Assets Supervision and Administration Commission (SASAC) has urged state-owned firms to improve market value management of listed companies.

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