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NEW YORK—Wall Street turned in a mixed performance Tuesday as investors traded cautiously ahead of the Federal Reserve’s Wednesday decision on interest rates.

The Fed, facing a faltering economy but also rising inflation, is expected to cut interest rates by another quarter point after its two-day meeting concludes Wednesday. Many investor believe policy makers will then signal that they are planning to hold rates steady for a while.

Consumers have been worried about inflation because it means energy and grocery bills are harder to pay. Wall Street is also concerned, be...