from Calculated Risk by CalculatedRisk
From the June 22-23, 2010 (and May 9th) FOMC meeting.
The Fed revised down their forecasts:
| Economic projections of Federal Reserve Governors and Reserve Bank presidents | |||
|---|---|---|---|
| 2010 | 2011 | 2012 | |
| Change in Real GDP | 3.0% to 3.5% | 3.5% to 4.2% | 3.5% to 4.5% |
| April projection | 3.2% to 3.7% | 3.4% to 4.5% | 3.5% to 4.5% |
| Unemployment Rate | 9.2% to 9.5% | 8.3% to 8.7% | 7.1% to 7.5% |
| April projection | 9.1% to 9.5% | 8.1% to 8.5% | 6.6% to 7.5% |
| PCE Inflation | 1.0% to 1.1% | 1.1% to 1.6% | 1.0% to 1.7% |
| April projection | 1.2% to 1.5% | 1.1% to 1.9% | 1.2% to 2.0% |
Unfortunately, I’ll take the under on GDP growth and inflation, and the over on the unemployment rate.
On further stimulus:
[M]embers noted that in addition to continuing to develop and test instruments to exit from the period of unusually accommodative monetary policy, the Committee would need to consider whether further policy stimulus might become appropriate if the outlook were to worsen appreciably.
That is it.
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