The Fed boosts its outlook for the US economy

The Federal Open Markets Committee voted to raise its benchmark interest rate after a two-day meeting, as virtually everyone was expecting.

It also released its latest Summary of Economic Projections.

The Fed now expects real GDP to grow around 2.1% to 2.2% in 2017, compared to its previous outlook of 2.0% to 2.2%. Moreover, it expects unemployment rate to fall to 4.2-4.3% this year, down from its previous projection of 4.5%-4.6%.

As for inflation, the Fed projects core PCE will come in at 1.6-1.7% in 2017, below prior expectations of 1.8-1.8%.

Federal Reserve