Upbeat Fed Boosts Growth Forecasts for This Year and Next

Central bank raises median GDP outlook to 2.7% this year

Federal Reserve policy makers are feeling increasingly upbeat about the U.S. economy, at least in the near term, boosting their median forecast for economic growth this year to 2.7 percent from 2.5 percent at their December meeting. Fed officials on Wednesday also raised their 2019 forecast to 2.4 percent from 2.1 percent, signaling confidence in consumers despite recent weak readings on retail sales. Longer term, the committee’s forecast remained unchanged at 1.8 percent, indicating policy makers are skeptical of the effect of tax cuts on the economy’s capacity for growth.

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