First quarter preliminary US GDP figures disappointed expectations by a wide margin, printing at a meager 0.20% growth versus expectations of 1.00%. Although there is a strong propensity for the number to be revised in the subsequent readings, it was nearly in-line with the Atlanta Federal Reserve model which forecast a 0.10% increase. Moreover, the main event of the session was the FOMC Statement which saw a more hawkish pivot than previous meetings. The Federal Reserve moved to drop the specific guidance on timing rate increases in a move that might signal they are not going to warn markets of coming rate hikes in subsequent quarters. The statement also highlighted that the Federal Reserve remained unconcerned about slowing growth, blaming the weakness on weather even with the headwinds to household spending. The kneejerk reaction in financial markets was a modest rebound in the dollar with precious metals selling-off and equities largely unchanged.