by Calculated Risk on 3/20/2013 02:19:00 PM
Wednesday, March 20, 2013
FOMC Projections and Press Conference
Bernanke press conference here or watch below.
Free desktop streaming application by Ustream
On the projections, GDP was revised down slightly, the unemployment rate was revised down, and inflation was revised down slightly.
GDP projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
Change in Real GDP1 | 2013 | 2014 | 2015 |
Mar 2013 Meeting Projections | 2.3 to 2.8 | 2.9 to 3.4 | 2.9 to 3.7 |
Dec 2012 Meeting Projections | 2.3 to 3.0 | 3.0 to 3.5 | 3.0 to 3.7 |
The unemployment rate was at 7.7% in February.
Unemployment projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
Unemployment Rate2 | 2013 | 2014 | 2015 |
Mar 2013 Meeting Projections | 7.3 to 7.5 | 6.7 to 7.0 | 6.0 to 6.5 |
Dec 2012 Meeting Projections | 7.4 to 7.7 | 6.8 to 7.3 | 6.0 to 6.6 |
The FOMC believes inflation will stay below target.
Inflation projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
PCE Inflation1 | 2013 | 2014 | 2015 |
Mar 2013 Meeting Projections | 1.3 to 1.7 | 1.5 to 2.0 | 1.7 to 2.0 |
Dec 2012 Meeting Projections | 1.3 to 2.0 | 1.5 to 2.0 | 1.7 to 2.0 |
Here is core inflation:
Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents | |||
---|---|---|---|
Core Inflation1 | 2013 | 2014 | 2015 |
Mar 2013 Meeting Projections | 1.5 to 1.6 | 1.7 to 2.0 | 1.8 to 2.0 |
Dec 2012 Meeting Projections | 1.6 to 1.9 | 1.6 to 2.0 | 1.8 to 2.1 |