The NZX 50 dropped 25 points, or 0.2%, to 13,430 in Wednesday morning trade, extending losses for the second consecutive session and hitting its lowest level since November 21, as traders were cautious ahead of the Fed's interest rate decision later today. Investors assessed the statement from RBNZ Governor Anna Breman on Wednesday. She said that there was no preset course for monetary policy and that adjustments would be made if the outlook for inflation changes. The central bank cut the official cash rate by 25 bps to 2.25% at the end of November. Traders also awaited the release of CPI and PPI data from China, New Zealand's top trading partner, due later today, to guide the economic outlook in the mainland amid persistently weak domestic demand. Consumer staples, industrials, healthcare, and communication services weighed on the index. Among early losers were Smart Healthcare (1.9%), Auckland International Airport (-1.2%), Infratil (-0.9%), Mercury NZ (-0.5%).