The outlook going forward was largely unchanged. While real GDP growth for 2014 was marked down, which reflected the disappointing first quarter, the outlook for the second half of the year and the projections for 2015 and 2016 were unchanged. Unemployment projections were reduced slightly, and the inflation forecast remained stable. My own submission for economic growth was generally in line with my colleagues.
But my forecast for unemployment was a bit lower in the near term. Specifically, I think the unemployment rate may reach 5.8 percent by the end of this year and 5.6 percent by the end of 2015. My view of inflation is that it will stabilize at about 2 percent in 2015.