FOMC Press Conference June 19, 2013 | Summary and Q&A

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June 19, 2013
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Federal Reserve
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FOMC Press Conference June 19, 2013

TL;DR

The Federal Reserve chairman discusses the current state of the economy, including moderate growth, improvements in the labor market, and low inflation expectations.

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Key Insights

  • ☠️ The labor market has improved, but the unemployment rate remains elevated.
  • 🎯 Inflation has been running below target but is expected to move back toward the target over time.
  • 📽️ Economic growth is projected to be moderate, with projections for 2013 between 2.3 to 2.6 percent.

Transcript

CHAIRMAN BERNANKE. Good afternoon. The Federal Open Market Committee concluded a two-day meeting earlier today. Based on its review of recent economic and financial developments, the Committee sees the economy continuing to grow at a moderate pace, notwithstanding the strong headwinds created by current federal fiscal policies. The labor market has... Read More

Questions & Answers

Q: What is the current state of the labor market?

The labor market has improved, with gains in private payroll employment and a strengthening housing market contributing to increases in consumer confidence and household spending.

Q: Why is inflation running below the Committee's target?

Inflation has been running below the target due to transitory factors, but the Committee expects inflation to move back toward the target over time, as longer-term inflation expectations remain stable.

Q: What are the projections for economic growth and the unemployment rate?

Projections show moderate growth, with economic growth expected to be between 2.3 to 2.6 percent in 2013 and unemployment projected to be between 7.2 to 7.3 percent for the fourth quarter of this year.

Summary & Key Takeaways

  • The economy is growing at a moderate pace, with improvements in the labor market and increased consumer confidence.

  • The unemployment rate remains elevated, but the overall downside risks to the economy have diminished.

  • Inflation has been running below the Committee's target but is expected to move toward the 2 percent objective over time.

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