TREASURIES-Sit still in Asia as Fed meeting looms

TOKYO, March 16 (Reuters) - U.S. Treasuries were barely changed in Asia on Tuesday, with investors waiting for possible hints from the Federal Reserve on how long it will keep interest rates exceptionally low.

* The market widely expects the Fed to hold benchmark U.S. rates near zero at its one-day meeting later in the day. It is also expected to reiterate in its statement that conditions warrant keeping borrowing costs very low for an "extended period." [ID:nN10148647]

* But exactly how long the term "extended period" refers to is open to question, and participants will be looking for clues on this.

* U.S. federal fund futures implied traders expect little change until the third quarter.

* "Activity is subdued in Asian trade as investors want to find out what the Fed will say about how long it is keeping key rates very low before making their bets," said a senior trader at a Japanese brokerage.

* The Fed is also likely to show it intends to complete the purchases of long-term securities at the end of the month.

* T-note futures rose 1/32 to 116-28.5/32 TYv1. Benchmark 10-year notes dipped 1/32 in price to yield 3.703 percent US10YT=RR, little changed from late U.S. trade.

* Two-year Treasury notes were steady in price to yield 0.949 percent US2YT=RR, while 30-year bonds fell 1/32 in price to yield 4.631 percent US30YT=RR, steady from late U.S. trade.

* Investors will also look to housing data at 1230 GMT. A Reuters poll shows economists expect housing starts to have fallen 3.6 percent to a seasonally adjusted annual rate of 570,000 units in February from 591,000 units in January. [ID:nN15200262] (Reporting by Rika Otsuka; Editing by Joseph Radford)