GDP was revised down slightly, the unemployment rate was revised down again, and inflation projections were mostly unchanged.
|GDP projections of Federal Reserve Governors and Reserve Bank presidents|
|Change in Real GDP1||2014||2015||2016|
|Mar 2014 Meeting Projections||2.8 to 3.0||3.0 to 3.2||2.5 to 3.0|
|Dec 2013 Meeting Projections||2.8 to 3.2||3.0 to 3.4||2.5 to 3.2|
The unemployment rate was at 6.7% in February.
|Unemployment projections of Federal Reserve Governors and Reserve Bank presidents|
|Mar 2014 Meeting Projections||6.1 to 6.3||5.6 to 5.9||5.2 to 5.6|
|Dec 2013 Meeting Projections||6.3 to 6.6||5.8 to 6.1||5.3 to 5.8|
As of January, PCE inflation was up 1.2% from January 2012. The FOMC expects inflation to increase in 2014, but remain below their 2% target (Note: the FOMC target is symmetrical around 2%, so this is about the same miss as 2.9% inflation).
|Inflation projections of Federal Reserve Governors and Reserve Bank presidents|
|Mar 2014 Meeting Projections||1.5 to 1.6||1.5 to 2.0||1.7 to 2.0|
|Dec 2013 Meeting Projections||1.4 to 1.6||1.5 to 2.0||1.7 to 2.0|
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