Economic Outlook, March 2015

Jeffrey Lacker

Speech from Federal Reserve Bank of Richmond

Abstract: Consumer spending has increased in recent months, bolstered by improvements in the labor market and in households’ balance sheets. The economy still faces some challenges, including a sluggish housing market, potentially weaker exports and declines in government spending. GDP growth is likely to average between 2 and 2 ½ percent during 2015. Inflation is currently below the FOMC’s goal of 2 percent, in part due to lower energy and import prices. These effects are transitory, however, and inflation expectations remain stable, making it likely that inflation will move back toward 2 percent this year. Given the improvements in the labor market and other indicators, June will likely be an appropriate time to raise the federal funds rate target.

Date: 2015-03-31
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