Economy Loses 6.1% In Q1

Advance GDP comes in at -6.1% v. -4.7% expected. Yet, the consumer was resilient with a 2.2% increase v. 0.9% expectation. Initial response to the data was muted with futures holding onto equity pre-market gains. All eyes on are on the FOMC statement release this afternoon. Investors will watch the language, specifically on the Fed's purchases of long-term Treasury debt.