The Federal Reserve on Wednesday projected no plans to raise interest rates through 2022 and pledged to continue supporting a U.S. economy devastated by the coronavirus pandemic and the related lockdowns.

The Federal Open Market Committee, in a unanimous statement after its two-day virtual gathering, reiterated previous guidance that the benchmark federal fund rate will remain at a range between 0 percent and 0.25 percent until "it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals."

Central bankers also released their first economic projections since December, forecasting that GDP will plunge by 6.5 percent this year, before rebounding by 5 percent in 2021. They expect unemployment to fall to 9.3 percent at the end of 2020 and drop to 6.5 percent in 2021. Even in 2022, central bankers expected the jobless rate to sit at 5.5 percent, well above the pre-crisis level of 3.5 percent, a half-century low.

The National Bureau of Economic Research, the agency that identifies periods of economic growth and contraction, said Monday the U.S. entered a recession in February, officially bringing to end a record-long expansion. Read more at FOX Business