The Fed Keeps Getting More and More Pessimistic

In its latest outlook for the U.S. economy, the Federal Reserve once again lowered its projections for GDP growth.

On Wednesday, the Fed moved a step closer to hiking rates for the first time since 2006 by removing the word "patient," but appeared overall dovish as it downgraded economic growth and inflation projections. Earlier Bloomberg pointed out that unlike in December, Fed officials no longer see economic growth reaching 3 percent -- this year, next year, the year after that, or in the long run.