News brief

Fed offers sober economic forecast. The Federal Reserve kept its benchmark interest rate unchanged on March 19 and signaled that it still expects to cut rates twice this year, though other policymakers forecast fewer cuts. The Fed also expects the economy to grow more slowly this year and next than it did three months ago, according quarterly economic projections also released March 19. It expects the unemployment rate to tick higher, to 4.4%. Policymakers also expect inflation will pick up slightly by the end of this year, to 2.7% from its current level of 2.5% and above the central bank’s 2% target.