The Federal Reserve said Wednesday that it sees the federal funds rate at 2.1 percent by the end of 2018, unchanged from its December forecast.

But the central bank raised its 2019 projection, saying it sees the benchmark rate at 2.9 percent. That's up from the 2.7 percent estimate it published in December.

The Fed also upped its 2020 forecast to 3.4 percent from 3.1 percent.