Photo: Wikimedia Commons
UPDATE: The Fed upgraded forecasts for real GDP to 2.5-3.0 per cent for 2013 from 2.2-2.8 per cent.For 2014, the Fed raised growth estimates to 3.0-3.8 per cent from 3.0-3.5 per cent.
However, the Fed also lowered its growth outlook for 2012 to 1.7-2.0 per cent from 1.9-2.4 per cent.
The central bank also narrowed its unemployment forecasts for 2013 to 7.6-7.9 per cent from 7.5-8.0 per cent.
For 2012, the Fed left its unemployment forecast unchanged at 8.0-8.2 per cent.
The Fed slightly narrowed its 2013 inflation forecast, to 1.6-2.0 per cent from 1.5-2.0 per cent.
For 2012, the Fed sees inflation in a range of 1.7-1.8 per cent, up from prior forecasts of 1.2-1.7 per cent.
Here’s the full table:
Photo: Federal Reserve
ORIGINAL: The Federal Reserve just took unprecedented action today by announcing “unlimited QE” – that is, buying $40 billion worth of mortgage-backed securities until the unemployment situation improves “substantially.”
We’ll have the Fed’s forecasts for future economic growth live at 2:00 pm.
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