First, the forecast horizon for the FOMC's economic projections now covers three calendar years instead of only two years. For example, the projections released after the past meeting extend to 2010. Second, the Committee now publishes these projections four times a year rather than twice a year.
In these circumstances, industrial production is increasing and recently, in particular, the pace of growth has accelerated to some extent. Labor market conditions have continued to improve moderately. Prices have stopped declining on the whole.