Progress toward Unemployment and Inflation Objectives
The unemployment rate peaked in late 2009. Since then, the economy has made steady progress toward the FOMC’s unemployment rate objective. The current unemployment rate is below the central tendency of FOMC participants’ longer run projections. However, core inflation has consistently run below the FOMC’s 2 percent goal since the end of 2007 and has been near our symmetric target only since March 2018.