Federal Reserve Chair Jerome Powell will face a test of economic leadership this week even though the central bank won’t be making any changes to interest rates
The projections — which estimate future GDP growth, inflation, unemployment and the path of Fed rate moves — will be less reliable than in normal times, said George Selgin, a senior fellow at the Cato Institute.
Selgin said the forecast will be particularly significant after this meeting because it “represents what the Fed is itself relying on for the sake of mapping out its future policies.” The forecasts will also provide the basis for Powell to nudge Congress to do more, even as the central bank itself continues to roll out emergency lending programs designed to aid businesses and municipalities.
“I do think we’re in the early stages of an economic recovery, but the economy still needs a lot of support,” said Gus Faucher, PNC’s chief economist.
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