WATCH: Fed sees no rate hikes in 2019
In terms of interest rates, the new Fed projections knocked the number of hikes expected this year to zero from the two forecast in December, completing a pivot to a less aggressive policy in the face of an apparent jump in economic risks. At least nine of the Fed’s 17 policymakers reduced their outlook for the fed funds rate, a comparatively large number.
The economic projections released on Wednesday showed policymakers at the median see the U.S. economy growing only 2.1 percent in 2019, a full percentage point below the roughly 3 percent growth that was seen in 2018 and which the Trump administration contends will continue. The outlook is now also in line with President Donald Trump’s criticism of Fed rate hikes as endangering the recovery, though for the awkward reason that Fed officials do not see his policies having a lasting impact on growth.
Still, he said, there are ongoing risks, including those related to Britain’s exit from the European Union, U.S. trade talks with China, and even the outlook for the U.S. economy, which he said the Fed is watching closely.
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