By BETTINA WASSENER-Shares in the United States and Europe were higher on Wednesday after most markets in Asia declined ahead of the Federal Reserve’s latest assessment of the world’s biggest economy.

Led by declines in China, stock markets around Asia declined Wednesday as investors pulled back in the wake of mixed economic data the previous day.

On Wall Street, investors will be playing attention to the Federal Reserve this afternoon. While the Fed is expected to keep rates steady at near zero, the accompanying statement may offer some clues to how policy makers see the recovering playing out.

In economic news in the United States, the Commerce Department reported that the trade deficit edged up 4 percent in June to $27 billion, from May’s $26 billion as imports rose for the first time in 11 months.