Equities were flat while major currencies and commodities traded within recent ranges on Wednesday as investors awaited a statement from the U.S. Federal Reserve that they hope will shed light on its next move. The Fed is expected to leave policy ultra-loose following the central bank's meeting that ends later on Wednesday but may hint it will start scaling back its bond buying later this year if the U.S. labor market continues to improve. Fed Chairman Ben Bernanke's comment last month that the U.S. central bank could begin to curtail bond purchases at one of its "next few meetings" put up a speed bump for the equity rally and pushed bond yields higher. U.S. and European stocks were slightly lower by late morning. The MSCI world equity index, tracking shares in 45 countries, inched up 0.04 percent, while Tokyo's Nikkei index ended up 1.8 percent. U.S. Treasuries prices turned negative with yields rising to session highs. "The early morning action is not