Year, but the numbers seeing five. Hikes is now at so still below there. As for inflation, some people closely at the fact that the fed talking about the goal is symmetric. The fed notes in its policy is ements that inflation near 2 , the core just below 2 inflation to stabilize around 2 . As for the economy, the forecast not change very much. Unemployment is 4. 5 for this two. And the next weve got gdp growing at 2. 1 in 2017 and in 2018. Again, the only change on the forecast from december is that the core is seen rising to 1. 8. Rom so now big changes there. Neal, of course, has been the reason he has been in favor of not changing when he looks s at wages, when he looks at average Hourly Earnings, index and more, he sees forces that are not inflation higher, wages arent rising that much. In the policy statement, the measures of labor the nsation remain low, so fed acknowledges this but seems to be pressing forward regardless in terms of hiking rates, again, looking for three rate hi
That that she spoke about the rate increase with reporters on wednesday. This is just under one hour. Ood afternoon. Today the federal open Market Committee decided to raise the target range for the federal funds rate by one quarter percentage point, bring it to threequarters, to 1 . Our decision to make another gradual reduction in amount of policy accommodation reflects the economies continue to progress with the employment and price stability objectives assigned to us by law. For some time to committee is judged that its Economic Conditions evolve as anticipated gradual increases in the federal funds rate would likely be appropriate to achieve and maintain our objectives. Todays decision is in line with that view and does not represent a reassessment of the Economic Outlook or of the appropriate course of Monetary Policy. I will have more to say about Monetary Policy shortly, but first i will review recent economic developments in the outlook. The economy continues to expand to a mo
That that she spoke about the rate increase with reporters on wednesday. This is just under one hour. Ood afternoon. Today the federal open Market Committee decided to raise the target range for the federal funds rate by one quarter percentage point, bring it to threequarters, to 1 . Our decision to make another gradual reduction in amount of policy accommodation reflects the economies continue to progress with the employment and price stability objectives assigned to us by law. For some time to committee is judged that its Economic Conditions evolve as anticipated gradual increases in the federal funds rate would likely be appropriate to achieve and maintain our objectives. Todays decision is in line with that view and does not represent a reassessment of the Economic Outlook or of the appropriate course of Monetary Policy. I will have more to say about Monetary Policy shortly, but first i will review recent economic developments in the outlook. The economy continues to expand to a mo
But we are quite uncertain about that. Reporter in your speech in philadelphia, you called the slowdown in job growth last month concerning, and you mentioned today that you want to verify that the underlying momentum in the economy and the labor market is still continuing. What do you need to see to convince you that the labor market is toward full employment and for how long do you need to see it . I cant give you a formula, i know you would like to have a number thats a cutoff for what we need to see in a particular report. There are a lot of different indicators of the labor market, for example, the labor Market Conditions index, the binnia, referred to 19 different indicators. Clearly we will be looking at the next job report, and if we were to see a healthy pace of job growth, you know, above that needed to kind of maintain the status quo in the labor markets. I should say over time, we should expect to see as the economy comes closer to maximum employment, the likely pace of job
Zero is a concern and we have less scope than i would like to see or expect us to have in the longer run. Now, i think it would be worthwhile for other policymakers to think about what role they could play in addressing negative shocks should they come, and i mentioned specifically automatic stabilizers because i think thats an important way in which fiscal policy serves to cushion shocks to the economy. And it would seem to me, without getting into specifics, that there are ways in which the response of fiscal policy to shifts in the economy could be strengthened, which would help take some burden off Monetary Policy. In the runup to the brexit vote earlier this year, several fed policymakers cited it as a reason they were reluctant to raise rates in june, because of the uncertainty related to that vote. In the runup to the president ial election, i havent heard the feds say that as a reason they might not raise it in november. Can you tell me why the brexit is a greater threat to the