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

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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.

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