US Real GDP rate revised to 1.8% to 2% range in 2015 The Federal Reserve Bank kept its federal fund rate unchanged at 0% to 0.25%, meanwhile it downgraded US real GDP projections. FOMC monetary policy statement The Federal Open Market Committee (FOMC), an arm of Federal Reserve Bank, reaffirmed its view that the current 0% to 0.25% target range for the federal funds rate remains appropriate to support continued progress toward maximum employment and price stability. In determining how long to maintain this target range, the FOMC will assess progress toward its objectives of maximum employment and 2% inflation. The FOMC is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping FOMC’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. Growth projections According to FOMC , US growth projection has been downgraded for 2015 from the estimates made previously in March, 2015. As per latest estimates, US is expected to grow between 1.8% to 2% in 2015, compared with a March forecast of 2.3% to 2.7%. In 2016, the US economy is forecasted to grow between 2.4% to 2.7%, compared to  March forecast of 2.3% to 3.0%. The unemployment rate is forecasted between 5.2% to 5.3% for 2015, compared to 5% to 5.2% forecast of March, 2015. Lastly, the revised estimate for PCE (Private Consumption Expenditure) inflation rate is unchanged at 0.6% and 0.8% for 2015.