Rates inched lower Wednesday ahead of this afternoon’s Fed announcement. The Federal Open Market Committee of the Federal Reserve will wrap up its periodic two day meeting to discuss monetary policy and release a policy statement at 2:00 PM. Fed Chairman Jerome Powell will hold a press conference at 2:30. No change in rates is expected, but investors will be watching for clues about the direction of future policy. In economic news, payrolls firm ADP estimated April private sector job gains of 275,000, well above the consensus forecast for an increase of 180,000. March construction spending fell 0.9%, a bit below estimates. The Institute for Supply Management manufacturing index came in at 52.8, far below expectations of 55.0. Readings above 50.0 indicate expansion in the manufacturing sector of the economy. No other key data will be released today.