* Fed to release statement about 2:15 p.m. EDT (1815 GMT)
* Futures up: S&P 0.9 pt, Dow 12 pts and Nasdaq 0.75 pt
NEW YORK, Nov 3 (Reuters) - U.S. stock index futures edged up on Wednesday after Republicans won control of the U.S. House and strengthened their ranks in the Senate and ahead of an expected Federal Reserve announcement on monetary easing.
* The Fed statement is due at about 2:15 p.m. EDT (1815 GMT) and is widely expected to give details on the extent and length of a program of asset purchases of at least $500 billion, effectively printing money to buy bonds and lowering borrowing costs in a bid to stimulate the economy.
* Futures rose to their highs overnight as voters swept Democrats from power in the House of Representatives and increased the ranks of Senate Republicans in an election rout that dealt a sharp rebuke to U.S. President Barack Obama. But the gains in futures melted as investors shifted their focus to the Fed.
* The Republican victory was seen as creating a more business-friendly environment as voters punished Democrats over high unemployment and a sluggish economic recovery.
* S&P 500 futures rose 0.9 point and were slightly above 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 gained 12 points, and Nasdaq 100 futures rose 0.75 point.
* The S&P 500 index has jumped almost 14 percent since September, and analysts said the election results had been priced into the market, leaving stocks ripe for profit-taking. on the state of the economic recovery. The ADP Employment report for October is due at 8:15 a.m. EDT (1215 GMT). Economists in a Reuters survey expected that 20,000 jobs were added versus a loss of 39,000 jobs in the previous month.
* U.S. Treasuries extended gains in European trading as traders anticipated the Fed resuming asset purchases after its policy meeting. T-note futures rose by as much as 8/32 to a one-week high of 126-26/32.
* The U.S. dollar eased 0.1 percent against a basket of currencies. The dollar and the S&P 500 have established a close inverse correlation in recent weeks. Their 30-day correlation stands at -0.84, with -1 being a perfect inverse correlation.
* The CBOE Volatility Index, a favorite barometer of investor fear, fell 1.2 percent on Tuesday after six sessions of gains.