The Fed lowered its unemployment forecast for 2014, to 6.3%-6.6% from 6.4%-6.8%.
This is important because the Fed has tied potential rate cuts to an unemployment target of 6.5%.
They also cut the unemployment forecast 10 bps for 2013, to 7.0% from 7.1%.
They also hiked GDP forecasts 20 bps, to a range of 2.2-2.3, from 2.0-2.3.
And they reiterated inflation wouldn’t hit their 2.0% target until 2015 at the earliest.
Here’s the table:
And the charts:
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