The Fed just slashed 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 1.7% to 1.9% in 2016, compared to its previous outlook of 1.9% to 2.0%.

Moreover, the Fed now projects unemployment rate to be around 4.7% to 4.9% this year, above the prior forecast of 4.6% to 4.8%.

And finally, the Fed kept its expectations for core PCE inflation unchanged, at 1.6% to 1.8% for the year.

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