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FOMC Projections and Press Conference Link

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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

1 Projections of change in real GDP and inflation are from the fourth quarter of the previous year to the fourth quarter of the year indicated.

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

2 Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated.

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


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