FXstreet.com (Barcelona) - Following the US Federal Reserve decision to hold interest rates at 0.25%, the FOMC have issued an upbeat range of economic projections.

Alongside the decision to hold interest rates at their record lows, the Fed also have opted to maintain the $85bln monthly pace of asset purchases. They believe that downside risks for the US economy have diminished since last Autumn and they see a developing upside ahead for the employment picture. Looking forward, they are anticipating the unemployment rate to be between 6.5%-6.8% by the end of 2014, and 5.8%-6.2% by 2015, adding the labor market is showing signs of further improvement. With regard to when they can foresee the first rate rise, they comment that 15 out of 19 FOMC officials are projecting in 2014. In contrast, previous majority expectations had been for rates to stay low through to mid 2015.