2 In particular, the median Federal Open Market Committee (FOMC) participant projects that by the end of 2023—a little more than three years from now—the unemployment rate  The most recent Summary of Economic Projections, an addendum to the minutes of the September 2020 meeting of the Federal Open Market Committee, is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.
2  -3will have fallen to 4 percent, and PCE (personal consumption expenditures) inflation will have returned to 2 percent. Following the GFC, it took more than eight years for employment and inflation to return to similar mandate-consistent levels.