Economics, Economics Finance, Employment
March 20th, 2015 1 Minute Read Report by Charles W. Calomiris, Mickey D. Levy, Peter Ireland

Guidelines for Policymaking and Communication During Normalization

Federal Reserve policy statements provide a favorable outlook for the U.S. economy with solid economic growth, strong job gains, and renewed momentum heading into 2015. Real gross domestic product, our broadest measure of inflation-adjusted income and spending, grew at an annualized rate very close to 4 percent for the final three quarters of the year just past. More than 3.5 million new jobs have been created, on net, since the beginning of 2014, and at 5.5 percent, the unemployment rate is down more than a full percentage point from 12 months ago.
 

Federal Reserve policy statements provide a favorable outlook for the U.S. economy with solid economic growth, strong job gains, and renewed momentum heading into 2015. Real gross domestic product, our broadest measure of inflation-adjusted income and spending, grew at an annualized rate very close to 4 percent for the final three quarters of the year just past. More than 3.5 million new jobs have been created, on net, since the beginning of 2014, and at 5.5 percent, the unemployment rate is down more than a full percentage point from 12 months ago. Propelled by these strong fundamentals, and undoubtedly helped along by falling energy prices, too, real disposable personal income growth has accelerated and measures of consumer confidence have moved sharply higher. 

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