Again, these are modal outcomes, and, of course, my FOMC colleagues and I should and do factor in risks on either side of these projections in our policy deliberations.
Monetary Policy Given this outlook for the U.S. economy, we decided at our March meeting that the current stance of monetary policy is appropriate.2 The federal funds rate is now in the broad range of estimates of neutral--the rate that tends neither to stimulate nor to restrain the economy.