Federal Reserve to meet after sharp changes to its outlook

WASHINGTON (AP) — Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed’s operating framework in ways that will likely keep short-term interest rates near zero for years to come. As a result, analysts expect the Fed will keep its benchmark rate unchanged after the two-day meeting that ends Wednesday. It has been pegged at nearly zero since March after the pandemic and the measures taken to contain it essentially shut down the economy. The Fed will also issue its quarterly economic projections, which will for the first time include estimates for growth, unemployment and the Fed’s benchmark interest rate for 2023.