"Along with its new policy pronouncement, the Fed released its economic projections (pdf). What struck me is that the Fed expects the unemployment rate to be well above its long-run level even in the fourth quarter of 2015, which is as far as its projections go.This means that the Fed is projecting elevated unemployment nine full years after the Great Recession started. And, of course, the Fed has been consistently over-optimistic."Welcome to the New Normal!
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