WASHINGTON, June 18 (UPI) -- The Federal Reserve raised its forecast target benchmark interest rates for the next two years but signaled that growth could remain sluggish.
The Fed increased its growth forecast for 2015 to 1.13 percent and the forecast for 2016 to 2.5 percent, all the while emphasizing that interest rates would not be increased before 2015. But the central bank lowered its outlook for interest rates in the longer term, reflecting a slower growth rate for the U.S. economy.