The Fed boosts its outlook for the US economy, cuts inflation expectations

The Federal Open Markets Committee voted to keep its benchmark interest rate in a range of 1%-to-1.25% at the conclusion of its 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 2.2% to 2.5% in 2017, up from June's projection of 2.1% to 2.2%. Its expectation for the unemployment rate to fall to 4.2% to 4.3% this year is unchanged.

The Fed's inflation expectations, however, continued to slide. It now says core PCE will come in at 1.5% to 1.6% in 2017, down from prior expectations of 1.6% to 1.7%.

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