The most recent economic projections made by the Federal Reserve Board members and Reserve Bank presidents, which were submitted in January, show a central tendency for real GDP growth this year of 1.3 to 2.0 percent. ...
The central tendency projection for core PCE inflation in 2008 is 2.0 to 2.2 percent, revised up from 1.7 to 1.9 percent projected in October. However, the FOMC participants' projections call for inflation to moderate over the next two years. Overall PCE inflation is projected to decline from its current elevated rate, assuming that energy and food prices flatten out. This measure is projected to return to a range of 1.7 to 2 percent in 2010.
Those are the projections of the FOMC participants, and the projections that I submitted in January fall within those central tendency ranges.