Stocks closed lower Wednesday as investors digested weaker-than-expected economic growth and the latest statement from the Federal Reserve that indicated policymakers were still grappling with when to begin raising interest rates.

At the conclusion of its two-day policy meeting, the Fed lowered its economic outlook and said growth “slowed during the winter months, in part reflecting transitory factors.” But the Fed expects the economy to rebound and grow at a moderate pace in coming months.

Policymakers gave no clear signal of when it plans to raise its benchmark interest rate for the first time since 2006 but they have indicated they expect to act this year.