Wall Street is stuck on pause Wednesday as it waits to hear from the Federal Reserve in the afternoon, when it’s expected to deliver the first cut to interest rates of the year.

The S&P 500 was virtually unchanged and was drifting near its record set on Monday. The Dow Jones Industrial Average was up 211 points, or 0.5%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

Workday helped lead the market with a gain of 6.9% after Elliott Investment Management said it’s built a stake of more than $2 billion in it and supports its management. The company, which helps customers manage their finances and human resources, recently increased its program to send cash to investors through purchases of its stock by up to $4 billion.

That helped offset a 1.9% drop for General Mills. The food giant reported a better profit for the latest quarter than analysts expected, but its revenue only roughly matched forecasts. It also said it expects investments it’s making in brands to drive growth, such as Blue Buffalo’s launch into fresh pet food, will knock its profit lower in its upcoming fiscal year.

The main event on Wall Street, though, is coming later in the afternoon when the Fed will announce its latest decision on interest rates. The decision itself will likely be an afterthought because most traders and economists expect it to cut its main interest rate by a quarter of a percentage point.

What’s more important will be what Fed officials say about the probability of more cuts. The widespread expectation is that it will keep lowering rates through this year and into next in order to prop up the slowing job market.