Press Release - May 24, 2017 -
Minutes of the Federal Open Market Committee, May 2-3, 2017
Staff Review of the Economic Situation
The information reviewed for the May 2–3 meeting indicated that the labor market strengthened further in March but that growth of real gross domestic product (GDP) slowed in the first quarter, with the slowing likely reflecting transitory factors. The 12-month change in overall consumer prices was close to the Committee’s longer-run objective of 2 percent in recent months; excluding food and energy, consumer prices declined in March, and the 12-month change in core consumer prices remained somewhat below 2 percent. Surveybased measures of inflation expectations were little changed on balance.





