The Fed slightly upgrades its growth and inflation forecasts

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

And it also released its latest Summary of Economic Projections.

The Fed now expects real GDP to grow around 1.8% to 1.9% in 2016, compared to its previous outlook of 1.7% to 1.9%.

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

And finally, the Fed's expectations for core PCE inflation came in at 1.7% to 1.8%, above the prior forecast of 1.6% to 1.8%.

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