by Calculated Risk on 6/14/2017 02:09:00 PM
Wednesday, June 14, 2017
FOMC Projections and Press Conference Link
Statement here. 25 bps rate hike.
Yellen press conference video here.
On the projections, projections for GDP in 2017 narrowed slightly.
GDP projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
Change in Real GDP1 | 2017 | 2018 | 2019 |
June 2017 | 2.1 to 2.2 | 1.8 to 2.2 | 1.8 to 2.0 |
Mar 2017 | 2.0 to 2.2 | 1.8 to 2.3 | 1.8 to 2.0 |
The unemployment rate was at 4.3% in May, so unemployment rate projections were revised down.
Unemployment projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
Unemployment Rate2 | 2017 | 2018 | 2019 |
June 2017 | 4.2 to 4.3 | 4.0 to 4.3 | 4.1 to 4.4 |
Mar 2017 | 4.5 to 4.6 | 4.3 to 4.6 | 4.3 to 4.7 |
As of April, PCE inflation was up 1.7% from April 2016. Inflation was revised down for 2017.
Inflation projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
PCE Inflation1 | 2017 | 2018 | 2019 |
June 2017 | 1.6 to 1.7 | 1.8 to 2.0 | 2.0 to 2.1 |
Mar 2017 | 1.8 to 2.0 | 1.9 to 2.0 | 2.0 to 2.1 |
PCE core inflation was up 1.5% in April year-over-year. Core PCE inflation was revised down for 2017.
Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
Core Inflation1 | 2017 | 2018 | 2019 |
June 2017 | 1.6 to 1.7 | 1.8 to 2.0 | 2.0 to 2.1 |
Mar 2017 | 1.8 to 1.9 | 1.9 to 2.0 | 2.0 to 2.1 |