FED: THE UNEMPLOYMENT RATE IS GOING TO BE BETTER THAN WE THOUGHT

They also just published an update to its economic forecasts.

The good news is that they just lowered their unemployment rate forecasts.

However, they also modestly revised lower their expectations for GDP.

Here's a round up:

• Unemployment rate
  2013: 7.3-7.5 percent, down from 7.4-7.7 percent
  2014: 6.7-7.0 percent, down from 6.8-7.3 percent
  2015: 6.0-6.5 percent, down from 6.0-6.6 percent
• GDP
  2013: 2.3-2.8 percent, down from 2.3-3.0 percent
  2014: 2.9-3.4 percent, down from 3.0-3.5 percent
  2015: 2.9-3.7 percent, down from 3.0-3.7 percent

Here are their charts: