The Federal Reserve Open Market Committee has come out with their minutes, on delay, from their June meeting.
The result is a cut in projected growth rates and the FOMC expects hiring to remain slow.
The headline, though, is that members felt it would take at least 5 years to move back to the previous growth path:
Participants generally anticipated that, in light of the se- verity of the economic downturn, it would take some time for the economy to converge fully to its longer- run path as characterised by sustainable rates of output growth, unemployment, and inflation consistent with participants’ interpretation of the Federal Reserve’s dual objectives; most expected the convergence process to take no more than five to six years.
Fed members are also considering more stimulus to deal with the current situation.
Projections for GDP growth, cut by 0.2%:
Projections for Unemployment: