Economic reports—GDP and private payroll data—should trump the U.S. Federal Reserve's meeting Wednesday, unless there's an unlikely move by the Fed to change its message.
First quarter GDP was way below estimates - 0.1 percent versus the 1.2 percent expected by economists. ADP's payroll report for April came in at 220,000, slightly better than expected.
The Fed ends its two-day meeting with its 2 p.m. ET statement, and it is expected to announce it will pare back its quantitative easing, bond buying program by another $10 to $45 billion a month.
"Unfortunately, it should be pretty dull. We think they'll do some straight forward updating of the statement to reflect that some of the economic data has improved since the weather normalized, but that's about it," said Barclays chief U.S. economist Dean Maki. "We don't think they'll change any of the policy paragraphs or give any new signals on tapering. We think they'll taper the $10 billion as expected."