TREASURIES-Bonds little changed in volatile pre-Fed trade

* Fed statement, due about 2:15 p.m., looms over market

* Housing, durables data paint mixed recovery picture

* $37 billion 5-year note auction attracts strong demand

By Burton Frierson

NEW YORK, June 24 (Reuters) - U.S. Treasury debt prices were little changed in volatile trade on Wednesday after an auction of five-year notes attracted solid demand, while the market awaited a key policy statement by the Federal Reserve.

The Fed's policy-setting committee concludes a two-day meeting around 2:15 p.m. (1815 GMT), and investors are eagerly awaiting its views on how strongly the economic recovery is shaping up and how long the U.S central bank will keep rates near zero to foster growth.

Meanwhile, the Treasury's sale of $37 billion worth of five-year notes attracted the strongest overall demand since October 2007, based on the bid-to-cover ratio, while a gauge of foreign and institutional interest was off the charts.

The results followed a similarly robust performance at Tuesday's two-year note auction and some in the market wondered whether the indirect bidder gauge of foreign and institutional demand was skewed by a recent change in methodology.

"The strength of the auction is surprising. It's very similar to yesterday," said John Spinello, chief fixed-income technical strategist at Jefferies & Co in New York.