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. The Fed is now forecasting that the unemployment rate will drop to 3.5% in 2022, and will stay there through 2024. That's better than the previous projection in September, when the Fed forecast a 3.8% unemployment rate in 2022.
"The labor market is, by so many measures, hotter than it ever ran in the last expansion, if you think about it," Powell said. What's unclear, then, is when workers might return. As they sit on the sidelines over virus fears, or wait for wages to continue to creep up afterThe comments followed an update on the Fed's policy stance. The Fed said Wednesday it will double the pace at which it shrinks its purchases of Treasurys and mortgage-backed securities.
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