Statement here.
Fed Chair Powell press conference video here starting at 2:30 PM ET.
On the projections, growth was revised up slightly, and other projections were mostly unchanged.
Q1 real GDP growth was at 3.1% annualized, and Q2 at 2.0%. Currently most analysts are projecting around 1.5% to 2% in Q3. So the GDP projections for 2019 were revised up slightly.
The unemployment rate was at 3.7% in August. So the unemployment rate projection for 2019 was unchanged.
As of July 2019, PCE inflation was up 1.4% from July 2018 So PCE inflation projections were unchanged.
PCE core inflation was up 1.6% in July year-over-year. So Core PCE inflation was unchanged.
Fed Chair Powell press conference video here starting at 2:30 PM ET.
On the projections, growth was revised up slightly, and other projections were mostly unchanged.
Q1 real GDP growth was at 3.1% annualized, and Q2 at 2.0%. Currently most analysts are projecting around 1.5% to 2% in Q3. So the GDP projections for 2019 were revised up slightly.
| GDP projections of Federal Reserve Governors and Reserve Bank presidents | |||
|---|---|---|---|
| Change in Real GDP1 | 2019 | 2020 | 2021 |
| Sept 2019 | 2.1 to 2.3 | 1.8 to 2.1 | 1.8 to 2.0 |
| Jun 2019 | 2.0 to 2.2 | 1.8 to 2.2 | 1.8 to 2.0 |
| Mar 2019 | 1.9 to 2.2 | 1.8 to 2.0 | 1.7 to 2.0 |
The unemployment rate was at 3.7% in August. So the unemployment rate projection for 2019 was unchanged.
| Unemployment projections of Federal Reserve Governors and Reserve Bank presidents | |||
|---|---|---|---|
| Unemployment Rate2 | 2019 | 2020 | 2021 |
| Sept 2019 | 3.6 to 3.7 | 3.6 to 3.8 | 3.6 to 3.9 |
| Jun 2019 | 3.6 to 3.7 | 3.5 to 3.9 | 3.6 to 4.0 |
| Mar 2019 | 3.6 to 3.8 | 3.5 to 3.9 | 3.6 to 4.0 |
As of July 2019, PCE inflation was up 1.4% from July 2018 So PCE inflation projections were unchanged.
| Inflation projections of Federal Reserve Governors and Reserve Bank presidents | |||
|---|---|---|---|
| PCE Inflation1 | 2019 | 2020 | 2021 |
| Sept 2019 | 1.5 to 1.6 | 1.9 to 2.0 | 2.0 |
| Jun 2019 | 1.5 to 1.6 | 1.9 to 2.0 | 2.0 to 2.1 |
| Mar 2019 | 1.8 to 1.9 | 2.0 to 2.1 | 2.0 to 2.1 |
PCE core inflation was up 1.6% in July year-over-year. So Core PCE inflation was unchanged.
| Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents | |||
|---|---|---|---|
| Core Inflation1 | 2019 | 2020 | 2021 |
| Sept 2019 | 1.7 to 1.8 | 1.9 to 2.0 | 2.0 |
| Jun 2019 | 1.7 to 1.8 | 1.9 to 2.0 | 2.0 to 2.1 |
| Mar 2019 | 1.9 to 2.0 | 2.0 to 2.1 | 2.0 to 2.1 |