The S&P/ASX 200 fell 0.4% to around 8,840 on Wednesday, reversing the prior session's gains, as banks and miners led declines in line with Wall Street, which lost momentum ahead of the Fed’s policy decision. The Federal Reserve is set to deliver its first rate cut of 2025 this week, with markets fully pricing in a quarter-point move. However, the bigger focus will be the updated dot plot, which could signal how many more cuts may follow. Domestically, investors stayed cautious ahead of Thursday’s jobs data, seen as key to the RBA’s policy path. Markets now assign minimal odds to a September cut, with November easing bets trimmed to 70% as recent data remain solid. In corporate news, mining giant BHP slipped 0.6% after announcing plans to suspend operations and cut 750 jobs at a Queensland coking coal mine, citing low prices and high state royalties, while Fortescue and Rio Tinto fell 1% and 0.4%, respectively. Among financials, sector majors NAB (-0.9%) and Westpac (-0.6%) led losses.