Transcript for US economy slows growth in 2019
My colleagues and I have one overarching goal to sustain economic expansion. With a strong job market and stable prices for the benefit of the American people. The US economy is in a good place we will continue to use our monetary policy tools to help keep it there. The jobs market is strong showing healthier wage gains and prompting many people to join or remain in the workforce. The unemployment rate is near historical lows and inflation remains near our 2% goal. We continue to expect that the American economy will grow at a solid pace in 2019. Although likely slower than the very strong pace of 2018. We believe that our current policy stance is appropriate. Since last year however we've noted some developments at home and around the world that bear close attention. Given the overall favorable conditions in our economy my colleagues and I will be patient in assessing what if any changes in the stance upon a policy may be needed. Let me explain in more detail how incoming data warrant our current stance. And a wait and see approach to changes. With the benefit of fiscal stimulus and other tail winds growth in 2018. Was strong in fact at three point 1%. The strongest year in more than a decade. For some time most forecasts have called for growth to continue in 2019. And a somewhat lower but still healthy pace. For example. Last September committee participants saw growth coming in at about 2.5 percent this year. Data arriving since September suggests that growth is slowing somewhat more than expected. Financial conditions tightened considerably over the fourth quarter. While conditions have eased since then they remain less supportive of growth than during most of 2018. Growth has slowed in some foreign economies nobles notably in Europe and China.
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