Keep pulling the thread on Federal Open Market Committee.
The Federal Open Market Committee (FOMC) decided to leave its policy interest rate unchanged.
The median FOMC participant projects that real GDP in the U.S. will rise 2.4% this year.
The median FOMC participant projects that real GDP in the U.S. will rise 2.3% next year.
Total PCE prices rose 2.8% over the 12 months ending in February.
Core PCE prices, excluding food and energy, rose 3.0% over the 12 months ending in February.
The median FOMC projection for total PCE inflation is 2.7% this year and 2.2% next year.
The FOMC decided to maintain the target range for the federal funds rate at 3.5% to 3.75%.
The median FOMC participant projects the federal funds rate will be 3.4% at the end of this year.
The median FOMC participant projects the federal funds rate will be 3.1% at the end of next year.
The Federal Reserve estimates that tariffs account for between 0.5 and 0.75 percentage points of the current 3% core inflation rate.
After adjusting for overcounting, the Federal Reserve staff estimates there has been effectively zero net job creation in the U.S. private sector over the past six months.
Jerome Powell believes that investment in AI infrastructure is likely raising the neutral rate of interest.