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 and only recently has neared our symmetric goal.
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.
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.