The Federal Reserve just released its latest Summary of Economic Projections, and the Fed has revised its 2014 GDP projections lower.
The Fed now expects 2014 GDP to grow 2.1% to 2.3%, down from its previous outlook of 2.8% to 3.0% growth.
The Fed’s reduced GDP outlook follows a number of negative revisions to Q1 GDP from Wall Street economists.
The Fed’s 2015 and 2016 GDP projections are unchanged.
The Fed also revised its unemployment rate projection lower to 6.0% to 6.1% for 2014, down from expectations for 6.1% to 6.3%.
The Fed also revised its expected unemployment rates for 2015 and 2016 lower.