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Last Updated: 01/05/18

Progress toward Unemployment and Inflation Objectives

While the economy has made progress toward the FOMC's unemployment rate objective, core inflation has consistently run below the FOMC's 2 percent goal since the end of 2007.

unemployment chart

Notes: FOMC projections are the median of the FOMC participants' forecasts for the unemployment rate as reported in the most recent Summary of Economic Projections. Source: U.S. Bureau of Labor Statistics and Federal Open Market Committee from Haver Analytics.

inflation chart

Notes: FOMC projections are the median of FOMC participants' forecasts for core PCE inflation as reported in the most recent Summary of Economic Projections. Source: Federal Open Market Committee and U.S. Bureau of Economic Advisors from Haver Analytics.

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