Fed hikes interest rates, raises its economic outlook and drops 'accommodative' language

• Federal Open Market Committee increased the fed funds rate 25 basis points to a range between 2 percent and 2.25 percent.
• The FOMC continued to project one more hike before the end of the year and three in 2019.
• Wednesday's statement dropped language saying that "the stance of monetary policy remains accommodative."
• Fed officials collectively estimated gross domestic product to rise 3.1 percent in 2018, an upward revision from the 2.8 projection back in June. The forecast for 2019 also moved higher by 0.1 percentage points to 2.5 percent.

Source: CNBC