The Federal Reserve left interest rates unchanged, as expected Wednesday, and updated its economic projections. Specifically, officials revised down their outlook for growth and marked up their inflation forecasts.

The Federal Reserve was widely expected to leave interest rates unchanged on Wednesday, at the conclusion of its March meeting.

Even as the economy undergoes what may be wrenching changes, the Federal Reserve on Wednesday is expected to signal it could cut its key interest rate twice this year — the same forecast it issued in