Chart of the Day
Posted at 11 a.m. on Dec. 13, 2012
FOMC projections Dec 2012
– Along with its policy statement, the Federal Open Market Committee released a summary of its members’ projections for GDP, unemployment, and inflation over the next three years, via Tim Duy. The central tendency table excludes the three highest and three lowest projections.
Paul Krugman: “What struck me is that the Fed expects the unemployment rate to be well above its long-run level even in the fourth quarter of 2015, which is as far as its projections go. This means that the Fed is projecting elevated unemployment nine full yearsafter the Great Recession started.”