The Fed just slashed its US growth 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 1.9% to 2.0% in 2016, down from its previous outlook of 2.1% to 2.3%.

However, the Fed now projects core PCE inflation to be around 1.6% to 1.8% this year, slightly up from its March projection of 1.4% to 1.7%.

As for unemployment rate, the Fed kept its projection steady at 4.6% to 4.8%.

Federal Reserve