Breaking: Fed sees economy shrinking at a softer pace in 2020 than previously forecasted

The Federal Open Market Committee (FOMC) on Wednesday announced that it left the benchmark interest rate, the target range for federal funds, unchanged at 0%-0.25% as widely expected. 

In its updated Economic Projections, the FOMC said it expects the gross domestic product (GDP) to contract at a softer pace than the previous forecast of 6.5% in 2020 and sees unemployment at 7.6% at year's end.

Follow our live coverage of the FOMC decision and the market reaction.

Developing story...