Fed's forecast is stagflationary: growth revised lower in 2025 (1.4% from 1.7%) and 2026 (1.6% from 1.8%) unemployment revised higher in 2025 (4.5% from 4.4%), 2026 and 2027 core PCE revised higher in 2025 (3.1% from 2.8%) and 2026 and 2027 2026 rate raised to 3.6% from 3.4%