At the same time, business contacts around the country have been telling us that trade-related uncertainties are weighing on their decisions. These global developments have been holding back overall economic growth. Manufacturing output,  2  The projections of FOMC participants as reported in the Summary of Economic Projections show a similar change.
-3which had only recently surpassed its level before the Great Recession, has declined this year and is again below its pre-recession peak. Business investment has also weakened. In addition, inflation pressures proved unexpectedly muted this year. After remaining close to our symmetric 2 percent objective for much of last year, inflation is now running below 2 percent.