US STOCKS-Futures slips ahead of start of Fed policy meeting
* Federal Reserve begins two-day policy meeting
* Consumer price index, housing market index on tap
* Futures: S&P off 1.6 pts; Dow off 57 pts; Nasdaq off 5.7 pts
By Angela Moon
NEW YORK, Sept 17 (Reuters) - U.S. stock index futures slipped Tuesday before the start of the U.S. Federal Reserve's two-day policy meeting that could outline plans to begin reducing its stimulus measures.
* Investors were hesitant to make big moves ahead of the Federal Open Market Committee policy-setting meeting that begins later in the day. The FOMC meeting statement will be released on Wednesday followed by Fed Chairman Ben Bernanke's press conference.
* Estimates for the potential tapering of the $85-billion-a-month asset purchases wary, but economists are forecasting an about $10 billion reduction.
* Market sentiment also remained pressured by President Barack Obama who stood firm in warning Republicans in Congress he will not negotiate over an extension of the U.S. debt ceiling as part of a budget fight.
* The comments from the President comes after former Treasury Sectary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. Summers was seen as more prone to wind down stimulus than the new front-runner, Fed Vice Chairwoman Janet Yellen.
* S&P 500 futures fell 1.6 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 57 points, and Nasdaq 100 futures lost 5.7 points.
* In economic data, consumer price index due for release at 8:30 a.m. ET. (1230 GMT). The NAHB housing market index is due at 10:00 a.m. ET.
* In company news, Adobe Systems Inc is due to report results after the close of market trading.
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