Moderately above 2 inflation, moderately is what it says in the statement but does not define exactly what moderately means. There are two centers to this action, Robert Kaplan wants to see the statement to the way it was pretty wants to statement to read the economy or stance will remain the same until the economy has weathered the storm and the economic storm we have here. Well cash on the other side dissented because he wants more dovish language in this. On implement rates, statistics are very interesting here. They have reduced now the planet rates rates and estimation of this year to 7. 6 by the end of 2020 grid that is down from 9. 3 from their june projection and then also 5. 5 from on a plummet rates in 2021, 4. 6 and 2022 and 4 in 2023. The real gdp prediction cut in half for the losses they are paired they are now saying its a loss of 3. 7 at the end of this year with a bounce back of 4 next year. The inflation, fed estimates that pce inflation is 1. 2 this year up from 1. 7
[music] you very much. Thank you very much. You. Thank you very much. Friends, delegates and distinguished guests, please. I stand before you tonight honored by your support, proud of the extraordinary progress we have made together over the last four incredible years. Brimming with confidence in a Bright Future we will build for america over the next 4 years. [applause] we begin this evening, our thoughts are with the wonderful people who have just come through the wrath of hurricane laura. We are working closely with state and local officials in texas, louisiana, arkansas, mississippi, sparing no effort to save lives while the hurricane was fierce, one of the strongest in a landfall in 150 years. The casualties and damage were far less than thought possible. Only 24 hours ago. [applause] and this is due to the great work of fema, Law Enforcement and the individual states. I will be going this weekend and congratulations, thank you for that greatjob out there. We really appreciate it.
Reserve and other central bankers, academics, public and private Sector Economists and members of the news media for this annual gathering. As you well know, its been our custom for nearly four decades to welcome you to wyoming, served for the kansas city that. I look forward to return to the online format, senate expressing my gratitude for those who travel around the globe to attend for managing jet lag. Appreciation to those attempting to manage local. With the current time, ranging from 6 00 a. M. Thursday to 1 00 a. M. Friday. This year has been an extraordinary one for Monetary Policy and central banking. Issues with time including the level of Interest Rates the effects of heightened uncertainty and how to effectively communicate Monetary Policy have been amplified by the economic fallout of the pandemic. For more than a decade, it seems the central has been in the shadow of the Global Financial crisis. It may be that the pandemic stems even further. The truly extraordinary poli
In 2008 and been burning he was head chair, he had to create one from scratch. A few of us expected successes would need to refer to it so soon but for all of us, left a copy for jake powell to consult. I recommend for people on this call if they are interested in very book called firefighting which is a summary of the crisis is one called First Responders which gets deep into the individual programs. I recommend everyone have a look at it over the next couple weeks. Been among other things as interesting as the economic historian. What we are experiencing now, put that in context, give us a sense of what will determine how deep this recession will be, perhaps how long it will last, how effective the fiscal and Monetary Policy responses been and what is likely to come and whether the covid19 recession will leave longlasting scars on the us and global economy. I will turn it over to ben for his remarks after which david wessel will host questions and then it will be instructions on how
Wellpositioned to win the streaming wars. It is all coming up today on coast to coast. Our top story, new reports say saudi arabias oil out put will indeed return to normal levels maybe the next two or three weeks. That is a lot quicker than the months we originally had been hearing. It comes as iran is now responding to the allegations made by the u. S. Blake burman at the white house to pick up the story from there. Whats the latest, blake . Reporter hi, there, connell. On the political side of things the white house is still walking a fine line saying that they believe iran or at least at this point signs are pointing to iran being behind the attack on the saudi oil complex. They are not yet willing to definitely say that they are absolutely certain that is indeed the case. Remember as part of the response from President Trump over the weekend, his initial response was that he said that the u. S. Was quote, locked and loaded. Yesterday on three different occasions when we heard from