Economic outlook Economic activity slowed in the middle part of last year. After rising at an annual rate of 3-1/4 percent over the previous two years, real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the second quarter of last year.
BIS central bankers’ speeches  3  Starting this month, with the end of calendar-based forward guidance, the decisions of the Federal Open Market Committee (FOMC) regarding the level of the federal funds rate will depend on the evolution of incoming economic data. While the date of liftoff will not be predetermined, the conditions governing the decision to lift off have been clearly stated.