The Fed cut its economic outlook

The Fed Reserve's policy setting committee released the outcomes of its two-day meeting at 2 p.m. ET on Wednesday.

And it also just released its latest Summary of Economic Projections.

The Fed now expects 2016 GDP to grow around 2.1% to 2.3%, down from its previous outlook of 2.3% to 2.5% growth.

Moreover, the Fed now projects core PCE inflation to be at 1.4% to 1.7%, a slightly larger range than December's projection of 1.5% to 1.7%.

As for unemployment rate, the Fed kept its projection the same as in December at 4.6% to 4.8%.

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