The Fed is out with its economic outlook

The Fed just raised rates for the first time in nine years, ending a historic era of nearly 0% interest rates that began seven years ago today.

Along with the news, it also released its latest Summary of Economic Projections.

The Fed now expects 2015 GDP to grow 2.1%, a more precise projection than its previous outlook of 2.0 to 2.3% growth.

The Fed also kept its unemployment rate projection more or less in line at 5.0%, compared to the previous projection of 5.0 to 5.1%.

NOW WATCH: Ian Bremmer: Angela Merkel is going to have a bad 2016

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.