Stocks fell in Europe, following Asia lower, while the dollar held near two-month lows before the much-anticipated policy decision. "While steady language by the FOMC may not by itself change the mind of the rates market, we believe incoming data will, prompting a front-end sell-off in Treasuries and a rebound in the USD. Investors will again be looking for subtle clues today for the timing of a future interest rate hike as the Federal Reserve's policy-setting committee wraps up its third meeting of the year. The chance of a hike in June is still on the table, although the likelihood of one has steadily decreased amid a drum-beat of soft Q1 economic data. The U.S. Commerce Department is also scheduled to issue its first snapshot of first-quarter GDP this morning. Economists are forecasting growth at a seasonally adjusted annual rate of 1%, which would be the worst performance in a year.
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