Fed's projections for growth, inflation, unemployment, and interest rates

The following details the Federal Reserve's three year forecasts for growth, unemployment, inflation, and interest rates, after members of the Federal Open Market Committee voted to increase overnight interest rates to between 1.25% and 1.50% before Fed Chair Janet Yellen's post meeting press conference. 

Growth rates are expected to range from 2.4% and 2.5% in 2017, compared to 2.2% to 2.5% in previous forecasts in the September meeting, while in 2018, the bank forecasts a growth of 2.2% to 2.6%, while expecting growth of 1.9% to 2.3% in 2019, compared to 1.7% and 2.1% before, and finally, long-term growth is forecast to range from 1.8% to 1.9%, compared to 1.8% and 2.0% before.

Unemployment rates for 2017 are expected to steady at 4.1%, compared to 4.2% to 4.3% previous forecasts in September, while rates for 2018 are forecast to range from 3.7% to 4.0%. For 2019, forecasts point to 3.6% to 4.0%, while ranging from 4.4% to 4.7% in the long term.

As of 07:11 GMT, the dollar index, tracking the greenback against a basket of currencies, fell to 93.69 from the opening of 94.10, with an intraday high at 94.11, and a low at 93.65.

Inflation in 2017 is expected to range from 1.6% to 1.7%, compared to 1.5% to 1.6% in previous forecasts, while ranging from 1.7% to 1.9% in 2018. In 2019, inflation is projected to steady at 2.0%, same as before, while settling at 2.0% in the long term, also the same as before.

Core inflation in 2017 is forecast to steady at 1.5%, compared to a range from 1.5% to 1.6% in previous projections in September, while ranging from 1.7% to 1.9% in 2018, and steadying at 2.0% in 2019, and in 2020, it's expected to range between 2.0% and 2.1%. 

Finally, the FOMC saw overnight interest rates at 1.4% this year, compared to previous expectations to range between 1.1% and 1.4%, while projection a range from 1.9% to 2.4% in 2018, same as before, as rates are expected to range between 2.4% and 3.1% in 2019, while in the long term, rates are projected to range between 2.8% and 3.0%, compared to a range of 2.5% to 3.0% in previous forecasts.