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Bernanke’s Press Conference



Live TV by Ustream

Earlier :

  • FOMC Statement “No Change”
  • USD Federal Funds Rate June 22, 2011 ; 11:30 PM(GMT +7)
    • Here are the new FOMC projections.

      GDP growth was revised down to around 2.8% this year.

      GDP projections of Federal Reserve Governors and Reserve Bank presidents
      Change in Real GDP1 2011 2012 2013
      Jan 2011 Projections 3.4 to 3.9 3.5 to 4.4 3.7 to 4.6
      April 2011 Projections 3.1 to 3.3 3.5 to 4.2 3.5 to 4.3
      June 2011 Projections 2.7 to 2.9 3.3 to 3.7 3.5 to 4.2


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

      The unemployment rate was revised up to 8.6% to 8.9% (this is Q4 unemployment rate). The FOMC thinks the unemployment rate will still be around 8% at the end of 2012!

      Unemployment projections of Federal Reserve Governors and Reserve Bank presidents
      Unemployment Rate2 2011 2012 2013
      Jan 2011 Projections 8.8 to 9.0 7.6 to 8.1 6.8 to 7.2
      April 2011 Projections 8.4 to 8.7 7.6 to 7.9 6.8 to 7.2
      June 2011 Projections 8.6 to 8.9 7.8 to 8.2 7.0 to 7.5


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

      Inflation was revised up for 2011.

      Inflation projections of Federal Reserve Governors and Reserve Bank presidents
      PCE Inflation1 2011 2012 2013
      Jan 2011 Projections 1.3 to 1.7 1.0 to 1.9 1.2 to 2.0
      April 2011 Projections 2.1 to 2.8 1.2 to 2.0 1.4 to 2.0
      June 2011 Projections 2.3 to 2.5 1.5 to 2.0 1.5 to 2.0

      But core inflation is seen at levels still below the FOMC target.

      Core Inflation projections of Federal Reserve Governors and Reserve Bank presidents
      Core Inflation1 2011 2012 2013
      Jan 2011 Projections 1.0 to 1.3 1.0 to 1.5 1.2 to 2.0
      April 2011 Projections 1.3 to 1.6 1.3 to 1.8 1.4 to 2.0
      June 2011 Projections 1.5 to 1.8 1.4 to 2.0 1.4 to 2.0

      Detail by Bill McBride