Rates moved higher Wednesday ahead of this afternoon’s Fed policy statement. This morning, first quarter GDP was revised lower to 0.2% annual growth in the economy, below the consensus forecast of 1.0%, and down from 2.2% growth in the fourth quarter. Unusually severe weather, West Coast port disruptions, lower energy prices, and a stronger dollar were major factors in the weak results. Stocks moved lower. Pending Home Sales rose 1.1%, slightly above expectations. Results from today’s 7-year Treasury auction will be released at 1:00 PM. The Fed wraps up its two-day meeting this afternoon and will issue a statement at 2:00 PM. Investors will be looking for clues about the timing of future rate increases. The market is likely to remain volatile throughout the day.