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Investors on Fed watch as statement, GDP come out

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Investors will scrutinize U.S. economic growth on Wednesday as the initial read on the first-quarter GDP comes ahead of a meeting statement from a "data-dependent" Federal Reserve.

"They keep reminding us that it is data-driven, but data don't support a rate rise," said Chris Gaffney, senior market strategist at Everbank Wealth Management.

Wall Street cut its already low outlook on first quarter growth to just above 1 percent or lower following last Friday's surprise decline in the March durable goods report.