The Federal Reserve kept to its taper program that has been in place throughout this year. Both bonds and stocks reacted positively to the news right on cue as the Fed announcement was released at 12pm MST.
The latest Fed projections were largely in line with March's projections outside of change in real GDP. Change in Real GDP for 2014 was lowered from a range of 2.8%-3.0% to 2.1%-2.3% due to much lower than expected output in the 1st quarter. The unemployment rate was also lowered slightly in 2014 and 2015. While the inflation forecast (using PCE inflation) was bumpbed up just slightly in 2014. This chart and the release can be found here
source: Federal Reserve