In its latest summary of economic projections released Wednesday, the Federal Open Market Committee's outlook for the appropriate timing of raising the fed funds rate was little changed from June. Fourteen of 17 FOMC participants said the first increase in the federal funds target rate will occur in 2015, up from 12 participants in June.
The Fed's longer-run projections for GDP growth ticked down slightly from it June projection to 2% to 2.3%, from 2.1% to 2.3%.
