US STOCKS-Market flat before Wednesday's Fed statement

* Fed likely to stay with policy of ease

* Energy shares down after EIA inventory data

* Dow up 0.1 pct, S&P 500 flat, Nasdaq up 0.1 pct (Updates to early afternoon)

By Ryan Vlastelica

NEW YORK, Sept 23 (Reuters) - U.S. stocks were little changed on Wednesday before a statement from the Federal Reserve on interest rate policy later on Wednesday.

Trading was subdued, with investors focused on whether the central bank will signal any changes to its plan for asset purchases or monetary policy, which includes record low interest rates.

The Fed is "going to give the market exactly what it expects, which is a clear indicator that they'll remain easy. That's not going to do much to move the markets to the upside," said Chip Hanlon, president of Delta Global Advisors in Huntington Beach, California.

The Fed's statement is expected around 2:15 p.m. (1815 GMT)

At the end of a two-day meeting, the Federal Open Market Committee is likely to hold overnight lending rates at close to zero. Investors will look to the committee's statement for any hints that suggest a shift in efforts to revive the economy by flooding the markets with cheap money.

Stocks recovered from earlier lows, which followed a sharp drop in crude oil on U.S. government data showing fuel inventories unexpectedly rose last week.

The data pushed October crude futures down 3.7 percent to $69.07 a barrel and weighed on energy stocks.

The Dow Jones industrial average rose 8.47 points, or 0.09 percent, to 9,838.41. The Standard & Poor's 500 Index rose 0.47 point, or 0.04 percent, to 1,072.13. The Nasdaq Composite Index rose 2.68 points, or 0.12 percent, to 2,148.97.

The Nasdaq was boosted by strength in semiconductors after Xilinx raised its second-quarter revenue outlook, citing "broad-based strength across nearly all end markets."

The stock climbed 5.2 percent to $23.89 while a semiconductor index rose 1.3 percent.

Also providing a lift was General Mills Inc, which climbed 4.8 percent to $63.96 after it reported quarterly earnings that beat expectations and raised its outlook.

Ford Motor Co rose 5.9 percent to $7.42 after the automaker's chief executive said the U.S. market was showing signs of recovery. The company also said it would start production of a small car in India early next year.

Real estate investment trusts were down as BMO Capital Markets downgraded the sector, sending the Dow Jones U.S. Residential REITs Index 1.8 percent lower.

The group was also pressured after Colony Financial Inc and Apollo Commercial Real Estate Finance Inc lowered the number of shares they expect to sell in initial public offerings.

Airline stocks fell after AMR Corp, parent of American Airlines, and US Airways Group Inc launched share sales to raise money for general corporate purposes.

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AMR dropped 5.1 percent to $8.01 while US Airways dropped 11 percent to $4.67. The AMEX airline index dropped 2.9 percent.

U.S. President Barack Obama, speaking for the first time at a United Nations General Assembly, vowed to work for "balanced and sustained" growth when he meets national leaders at a Group of 20 nations summit in Pittsburgh this week.

He also said financial regulation needed strengthening to put an end to the "greed, excess and abuse" that caused the financial crisis. (Editing by Kenneth Barry)