by Calculated Risk on 3/20/2019 02:09:00 PM

Statement here.

Fed Chair Powell press conference video here starting at 2:30 PM ET.

On the projections, growth was revised down, the unemployment rate revised up slightly, and inflation was softer.

GDP projections of Federal Reserve Governors and Reserve Bank presidents
Change in Real GDP1	2019	2020	2021
Mar 2019	1.9 to 2.2	1.8 to 2.0	1.7 to 2.0
Dec 2018	2.3 to 2.5	1.8 to 2.0	1.5 to 2.0
Sep 2018	2.4 to 2.7	1.8 to 2.1	NA

¹ Projections of change in real GDP and inflation are from the fourth quarter of the previous year to the fourth quarter of the year indicated.

The unemployment rate was at 3.8% in February. The unemployment rate projection for 2019 was revised up slightly.

Unemployment projections of Federal Reserve Governors and Reserve Bank presidents
Unemployment Rate2	2019	2020	2021
Mar 2019	3.6 to 3.8	3.6 to 3.9	3.7 to 4.1
Dec 2018	3.5 to 3.7	3.5 to 3.8	3.6 to 3.9
Sep 2018	3.4 to 3.6	3.4 to 3.8	NA

² Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated.

As of December 2018, PCE inflation was up 1.7% from December 2017. PCE inflation projections were revised down for 2019.

Inflation projections of Federal Reserve Governors and Reserve Bank presidents
PCE Inflation1	2019	2020	2021
Mar 2019	1.8 to 1.9	2.0 to 2.1	2.0 to 2.1
Dec 2018	1.8 to 2.1	2.0 to 2.1	2.0 to 2.1
Sep 2018	2.0 to 2.1	2.1 to 2.2	NA

PCE core inflation was up 1.9% in December year-over-year. Core PCE inflation was revised down slightly for 2018.

Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents
Core Inflation1	2019	2020	2021
Mar 2019	1.9 to 2.0	2.0 to 2.1	2.0 to 2.1
Dec 2018	2.0 to 2.1	2.0 to 2.1	2.0 to 2.1
Sep 2018	2.0 to 2.1	2.1 to 2.2	NA