The U.S. trade deficit in goods widened more than expected in March as a rise in imports ‌outpaced exports, suggesting that trade was likely a drag on ‌economic growth in the first quarter.

U.S. economic growth likely accelerated in the first quarter on a rebound in government spending after a crippling government shutdown, but the pickup is expected to be short-lived as the war with Iran drives up gasoline prices and squeezes household budgets.

The Federal Reserve will not cut interest rates this year, and traders of short-term U.S. interest-rate futures are now betting the U.S. central bank will raise in the first half of next year, after the Fed left short-term borrowing costs on hold for the third straight meeting this year and three policymakers dissented against its "easing bias."

Asian stock markets traded mixed on Wednesday amid ongoing U.S.-Iran tensions and caution ahead of the U.S. Federal Reserve decision, while investors assessed strong inflation data from Australia.