The Federal Reserve has sharply raised its 2021 growth forecast for the United States economy, saying Wednesday it expects the nation's gross domestic product will expand by 6.5 percent this year, up sharply from a December outlook for 4.2 percent growth.

After the latest two-day meeting of the Federal Open Market Committee (FOMC), participants submitted their projections for GDP growth, the unemployment rate and inflation for the current year, 2022, 2023 and over the long run.