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Wall Street to read economic tea leaves from Fed, GDP

Traders on the floor of the New York Stock Exchange.
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Wall Street on Wednesday will receive two reads on the U.S. economy, with one coming from the Commerce Department and the other from the Federal Reserve, with differing takes on which matters more.

"Don't expect any surprises, the Fed has more than telegraphed that tapering will continue and be finished in the fall," said Jim Dunigan, managing executive, investments, PNC Wealth Management, voicing the consensus view that the Fed would cut its monthly asset buys by another $10 billion to $25 billion at the end of a two-day policy gathering that started Tuesday.

Still, "there may be some indication of how they view the pace of economic growth," Dunigan added.

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