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After the Federal Open Market Committee (FOMC) met on December 13-14, it announced a widely anticipated increase in the Federal-funds rate to the 0.50 to 0.75% range, up from 0.25 to 0.50%, and provided alongside projections of key economic indicators for the upcoming three years. There is some divergence between the Fed’s projections and the marke...
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Context 1
... gap narrows, and eventually diapers, when real GDP expands above its long term potential and the opposite happens when real GDP is growing below its potential. During the 2001-2008 period real GDP was expanding above potential GDP and since the 2008-2009 great recession the economy is growing slightly below its long run potential (Figure 8). While there is room to ramp up growth, thanks to the end of the political gridlock in Washington, which will allow a stronger fiscal expansion, the US economy is still facing headwinds. ...
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