Fed minutes: unemployment rate expected to rise slightly
The minutes of the Federal Reserve's December meeting noted that the staff forecast that economic conditions in the United States would remain solid. Real GDP growth was expected to slow slightly from the previous benchmark forecast, and the unemployment rate was projected to rise slightly but to remain close to the level of the staff's estimate of the natural rate of unemployment. In the staff's baseline forecast, inflation is projected to be slightly higher in 2024 than in the forecast made at the previous meeting, reflecting the unexpected upside from some recent data, and is projected to fall to 2 percent by 2027, consistent with the forecast made at the November meeting.
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