Major update to the Fed's GDP forecast: they now expect growth of 2.1% versus 1.4% in December, but this is due to higher inflation;

- Unemployment rate expected to end 2024 at 4.0% vs 4.1% before
- PCE inflation remains unchanged at 2.4%, same as December, but core PCE inflation is expected to end the year at 2.6% vs 2.4% in December
- The Fed also expects less of a rate cut in 2025 (3.9% vs 3.6% in December) and 2026 (3.1% vs 3.19% in December)
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