TREASURIES-Longer-dated U.S. bonds jump as Fed sticks to slow rate hike path

* U.S (Other OTC: UBGXF - news) . Fed stands pat on rates, keeps door open on June hike

* Benchmark yields recede from five-week highs

* March goods trade data raise U.S. Q1 GDP forecasts

* U.S. pending home sales hit 10-month peak in March

(Updates market action, adds quote)

By Richard Leong

NEW YORK, April 27 (Reuters) - Longer-dated U.S. Treasury

debt prices rallied on Wednesday, snapping a seven-day streak of

losses, as the Federal Reserve left the door open for an

interest rate increase in June but signalled its rate hike path

still would be a very gradual one.

A wave of buying in 10- and 30-year Treasuries emerged as

traders piled into curve-flattening trades that favor these

longer debt maturities over short-dated ones, investors said.

"The curve is flattening here, which is what has happened in

the past when the Fed was on a tightening path," said Don

Ellenberger, head of multi-sector strategies at Federated

Investors in Pittsburgh.

The Fed's policy-setting Federal Open Market Committee, as

expected, left its target range on rates unchanged at 0.25-0.50

percent and removed a specific reference on the global economic

risks in its policy statement.

"The committee continues to closely monitor inflation

indicators and global economic and financial developments," the

Fed's policy-setting panel said in a statement following its

two-day meeting.

The yield difference between shorter and longer-dated

Treasuries shrank, with the gap between two-year and 10-year

yields contracting to 102 basis points, its tightest in 1-1/2

weeks, according to Reuters data.

Benchmark 10-year Treasury notes were up 20/32

in price, yielding 1.856 percent, down 7.5 basis points from

late on Tuesday. The 10-year yield on Tuesday touched 1.941

percent, its highest level since March 23, according to Reuters.

The 30-year yield fell 5 basis points at 2.707

percent after reaching its highest since early February at 2.764

percent on Tuesday.

Some investors did not see a bigger chance the Fed would

raise rates in two months after the latest FOMC statement,

citing plenty of risks that could depress U.S. economic growth.

"It (Other OTC: ITGL - news) 's a very close call in what they do in June. It's

contingent on the jobs, inflation and wage data, which may or

may not confirm their economic outlook," said Bill Irving,

portfolio manager at Fidelity Investments in Merrimack, New (KOSDAQ: 160550.KQ - news)

Hampshire.

Interest rates futures implied traders see about a one in

five chance of a rate hike at the June 14-15 Fed meeting,

little changed from Tuesday, CME Group (Kuala Lumpur: 7018.KL - news) 's FedWatch program

showed.

Excluding a resilient jobs sector, other key areas of the

U.S. economy have showed signs of slowing since January, leading

most analysts to forecast U.S. gross domestic product will grow

less than 1 percent in the first quarter.

While recent data have mostly fallen short of expectations,

Wednesday's figures on trade and pending home sales in March

came in stronger than forecast.

(Reporting by Richard Leong; Editing by Chris Reese, Leslie

Adler and Chizu Nomiyama)