Yellen press conference video here.
On the projections, projections for GDP in 2017 are near the top of the September range.
| GDP projections of Federal Reserve Governors and Reserve Bank presidents | ||||
|---|---|---|---|---|
| Change in Real GDP1 | 2017 | 2018 | 2019 | 2020 |
| Dec 2017 | 2.4 to 2.5 | 2.2 to 2.6 | 1.9 to 2.3 | 1.7 to 2.0 |
| Sept 2017 | 2.2 to 2.5 | 2.0 to 2.3 | 1.7 to 2.1 | 1.6 to 2.0 |
| June 2017 | 2.1 to 2.2 | 1.8 to 2.2 | 1.8 to 2.0 | --- |
The unemployment rate was at 4.1% in October and November, so the unemployment rate projection for Q4 2017 was revised down. The unemployment rate for 2018 and 2019 were also revised down too.
| Unemployment projections of Federal Reserve Governors and Reserve Bank presidents | ||||
|---|---|---|---|---|
| Unemployment Rate2 | 2017 | 2018 | 2019 | 2020 |
| Dec 2017 | 4.1 | 3.7 to 4.0 | 3.6 to 4.0 | 3.6 to 4.2 |
| Sept 2017 | 4.2 to 4.3 | 4.0 to 4.2 | 3.9 to 4.4 | 4.0 to 4.5 |
| June 2017 | 4.2 to 4.3 | 4.0 to 4.3 | 4.1 to 4.4 | --- |
As of October, PCE inflation was up 1.6% from October 2016. Based on recent readings, PCE inflation was revised up slightly for Q4 2017, and down for 2018.
| Inflation projections of Federal Reserve Governors and Reserve Bank presidents | ||||
|---|---|---|---|---|
| PCE Inflation1 | 2017 | 2018 | 2019 | 2020 |
| Dec 2017 | 1.6 to 1.7 | 1.7 to 1.9 | 2.0 | 2.0 to 2.1 |
| Sept 2017 | 1.5 to 1.6 | 1.8 to 2.0 | 2.0 | 2.0 to 2.1 |
| June 2017 | 1.6 to 1.7 | 1.8 to 2.0 | 2.0 to 2.1 | --- |
PCE core inflation was up 1.4% in October year-over-year. Core PCE inflation was unchanged for Q4 2017, and revised down for 2018.
| Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents | ||||
|---|---|---|---|---|
| Core Inflation1 | 2017 | 2018 | 2019 | 2020 |
| Dec 2017 | 1.5 | 1.7 to 1.9 | 2.0 | 2.0 to 2.1 |
| Sept 2017 | 1.5 to 1.6 | 1.8 to 2.0 | 2.0 | 2.0 to 2.1 |
| June 2017 | 1.6 to 1.7 | 1.8 to 2.0 | 2.0 to 2.1 | --- |