10 things you need to know before the opening bell

Here is what you need to know.

The Fed lays out its plan to unwind its massive $4.5 trillion balance sheet. Once the program begins, the Fed will only reinvest the principal of maturities if it gets back more than $6 billion in principal returned in a given month. Then, the "cap" will be increased by $6 billion every three months until it reaches $30 billion a month.

The market doesn't think the Fed will hike rates again this year. Bloomberg's World Interest Rate Probability data suggests a 16.7% chance the Fed raises rates in September or sooner and a 40.2% chance a rate hike happens by the end of the year.

The Bank of England meets. The central bank is expected to hold its key interest rate at a record low 0.25%, and its asset purchase program at 435 billion pounds, despite inflation hitting its highest level since mid-2013.

Australia's job report crushes expectations. The Australian economy added 42,000 jobs in May, easily beating the addition of 10,000 jobs that economists were anticipating.

Foreign investors are piling into Asia's emerging markets. Net inflows into stocks and bonds in the region totaled $14.2 billion in May, continuing the trend that has been in place since the beginning of the year, Australian bank ANZ says.

A cryptocurrency for weed crashes after sponsoring Dennis Rodman's trip to North Korea. PotCoin, a cryptocurrency developed to remove the need for cash transactions between marijuana consumers and dispensaries, tumbled more than 20% to just more than 13 cents on Wednesday, a day after sponsoring Dennis Rodman's trip to North Korea. It doubled in price on Tuesday.

Deutsche Bank is reportedly restructuring its investment banking arm. Investment banking co-head Garth Ritchie will focus on client relationship while Marcus Schenk, the other investment banking co-head, will oversee products such as derivatives, stocks and transaction banking, Bloomberg says.

Stock markets around the world are lower. Hong Kong's Hang Seng (-1.2%) trailed in Asia and France's CAC (-1.2%) lags in Europe. The S&P 500 is set to open down 0.8% near 2,418.

Earnings reports trickle out. Kroger reports ahead of the opening bell.

US economic data is heavy. Empire Manufacturing, initial claims, and the Philly Fed will all be released at 8:30 a.m. ET before industry production and capacity utilization are due out at 9:15 a.m. ET and the NAHB Housing Market Index crosses the wires at 10 a.m. ET. The US 10-year yield is higher by 1 basis point at 2.14%.