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Powell, Jerome H. on 2017 February 22 at 13:00

I do not see data suggesting that we are behind the curve.

I expect the economy to continue broadly along its current path, which implies further labor market tightening and inflation edging closer to 2 percent. On this path, unemployment would decline modestly below current estimates of the natural rate and remain there for some time. I see that as a desirable outcome and do not see data suggesting that we are behind the curve. In recent years, the economy has faced significant downside risks, particularly from weak global conditions. The Committee has been quite patient, and I believe that has served us well. But risks now seems to me to be more in balance. Going forward, I see it as appropriate to gradually tighten policy as long as the economy continues to behave roughly as expected. Powell, Jerome H.

Forecasters Club of New York

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