TREASURIES-Sit tight in Asia ahead of Fed, supply

TOKYO Nov 4 (Reuters) - U.S. Treasuries were largely unchanged in Asia on Wednesday, sitting tight ahead of the outcome of a Federal Reserve policy meeting and a Treasury refunding announcement later in the day.

* The Fed will conclude a two-day meeting on Wednesday and is expected to end with a reaffirmation that policies to support the economy will stay in place for some time, even as signs of recovery mount.

* The Fed is not expected to soften its commitment to hold benchmark interest rates exceptionally low for "an extended period."[ID:nFEDAHEAD]

* "I expect the chance of the Fed keeping the wording 'for an extended period' is higher than the central bank changing it," said Izuru Kato, chief economist at Totan Research.

* Kato, however, sees a chance that the Fed will change the wording in the near future.

* The reasons for this are improving Fed views on economic conditions compared to March, a risk that the current statement may be causing an excessive rise in commodities and a weak dollar, and increasingly cautious voices among FOMC members about inflation risk, Kato wrote in a note to clients.

* Benchmark 10-year notes were steady in price from late U.S. trade on Tuesday to yield 3.473 percent US10YT=RR. Ten-year Treasuries note futures inched up 1/32 to 118-6/32 TYv1.

* Treasuries slid on Tuesday as traders sold the bonds to make room for new supply that will arrive next week. The Treasury will announce the size and terms of those refunding auctions on Wednesday.

* Before the release of the statement from the Federal Open Market Committee at about 1915 GMT, traders will also watch closely to data on U.S. private employment and service sector activity.[ECI/US] (Editing by Joseph Radford)