The committee said economic growth has been “rising at a solid rate,” an upgrade through “moderate” in May. The unemployment rate has “declined,” as opposed to “stayed low,” as well as household spending “has picked up,” an upgrade through “moderated.”
With in which in mind, the committee said two more rate hikes were appropriate, bringing the 2018 total to four increases. Its first hike in which year was in March.
“The Committee expects in which further gradual increases inside the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, as well as inflation near the Committee’s symmetric 2 percent objective over the medium term,” the statement said.
in which sentence itself featured multiple instances of more hawkish language.
The committee previously had characterized rate hikes as “gradual adjustments” rather than “increases,” as well as the “sustained expansion” portion was completely brand new.
However, the statement twice retained language in which the Fed had a “symmetric” 2 percent inflation target, indicating a tendency to let cost pressures run a little hot before putting the clamps on growth.