Looking at the medians of the members’ forecasts released in July 2015, the real GDP growth rate is projected to be 1.7 percent for fiscal 2015, 1.5 percent for fiscal 2016, and 0.2 percent for fiscal 2017.
Fiscal policy is of critical importance, as I have noted today, but a wide range of other policies – pertaining to labor markets, housing, trade, taxation, and regulation, for example – also have important roles to play. For our part, we at the Federal Reserve will continue to work to help create an environment that provides the greatest possible economic opportunity for all Americans.