The first longer-term economic projections of Federal Reserve Board governors and bank presidents, released with the Federal Open Market Committee minutes today, called for 2.5% to 2.7% growth in real gross domestic output, 4.8% to 5.0% unemployment, and 1.7% to 2.0% inflation, as measured by the price index for personal consumption expenditures.

“Most participants judged that a longer-run PCE inflation rate of 2% would be consistent with the dual mandate; others indicated that 1 1/2% or 1 3/4% inflation would be appropriate,” the Fed said.

The panel also decided to continue using liquidity and asset-purchase programs to support the functioning of financial markets and stimulate the economy and that some expansion of these programs might be needed.

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