Shifted toward a less grad all approach to overall policy normalization. The fed expects inflation to remain somewhat below the 2 target near term. The fed reiterated support for gradual increase in the federal funds rate. Participants believe in 2018 there will a bit of a slowdown in the economy, revising projected gdp to 1. 8 from 2. 2 . Unemployment, expected to being strong, 3. 95 to 4. 5 . One of the things fed is watching, obviously lower inflation. Several participants expressed concern 2 longer run inflation objective might have slowed. Recent so theness in inflation might persist. Theyre claiming drop on decline of Wireless Telephone Services and prescription drugs. There is also concern among the fed and Business Community about lack of direction from the federal government on spending. They said activity in couple had slowed from high level. Some contacts in the Automobile Industry reported declines in production. They appeared to recently abated somewhat. There is uncertain
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