Federal Reserve officials see economic growth and inflation rising higher in 2021 than they expected earlier this year, according to economic projections released Wednesday.
Members of the Fed board and presidents of reserve banks, which together make up the Federal Open Market Committee (FOMC), largely see the pace of the rebound from the coronavirus pandemic accelerating deeper into the year.
The median estimate of 2021 gross domestic product growth from FOMC members rose to 7 percent from a projection of 6.5 percent in March. The median estimate of annual inflation also rose to 3.4 percent from 2.4 percent in March, while the median estimate of unemployment remained unchanged at 4.5 percent. Continue reading.