UPDATE: Tropical Storm Fay moving toward mid-Atlantic, New England

Tropical Storm Fay slightly picked up speed and strength as it moved closer to land Friday, and forecasters decreased projections for rain totals and flooding.

Fay was expected to bring 2 to 4 inches of rain, with the possibility of flash flooding in parts of the mid-Atlantic and southern New England, the U.S. National Hurricane Center said in its 5 a.m. advisory. That's down from earlier forecasts of about 3 to 5 inches of rain.

The storm picked up speed Friday morning, moving north around 10 mph and producing top sustained winds of 50 mph, forecasters said. Earlier observations showed it moving at 8 mph with top sustained winds of 45 mph.

A tropical storm warning remained in effect from Cape May, New Jersey, to Watch Hill, Rhode Island. The warning area includes Long Island and the Long Island Sound in New York, forecasters said.

Fay is the earliest sixth-named storm on record, according to Colorado State University hurricane researcher Phil Klotzbach. The previous record was Franklin on July 22, 2005, Klotzbach tweeted.

Two named storms formed before the official June 1 start of the hurricane season. None of this season's previous five named storms strengthened into hurricanes.

Forecasters expect the storm to continue moving north to north-northeast at a faster speed over the next couple of days. Fay’s center  is forecast to move near the mid-Atlantic coast Friday and move inland over the mid-Atlantic or the northeast United States late Friday night or on Saturday.

Data collected by an Air Force Reserve reconnaissance aircraft shows Fay's sustained wind speeds have reached 45 miles per hour with some stronger gusts.

At least 3 to 5 inches of rainfall is expected across the mid-Atlantic as Fay moves north, according to the hurricane center.