00:00Three members who favored no cuts in this year moved their dots down to one.
00:05The statement goes on to say the implication of developments in the Middle East for the U.S. economy are
00:11uncertain
00:12and the committee remains attentive to risks to both sides of their mandate.
00:16They still see one more cut in 2027.
00:20Stephen Myron, the only dissenter, he wanted a quarter point cut this time.
00:24And from the dots, we discern that he still wants 100 basis points at some point this year.
00:28The language about future moves remains the same.
00:32They still talk about the extent and timing of additional adjustments to the target range.
00:37It's the summary of economic projections in which we see a lot of changes.
00:42PCE inflation this year is forecast at 2.7 percent, up from 2.4 percent in December.
00:49Core is also seen at 2.7 percent, up from 2.5.
00:54Both dropped to 2.2 percent next year, up from 2.4 percent in the December SEP.
01:01Core is seen at 2.7 percent this year.
01:05Both dropped back, as I mentioned, next year to 2 percent in 2028.
01:11GDP marked up a tenth in both years, both of the next two years, to 2.4 percent this year
01:17and 2.3 percent next year.
01:19The unemployment forecast remains 4.4 percent in 2026, dropping to 4.3 percent next year.
01:26That's up from 4.2 percent in December.
01:29And the longer-run estimate for Fed funds, seen as the proxy for the neutral rate, rises a tick to
01:363.1 percent.
01:37Guys?
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