The American economy is growing much faster than FED officials ever expected, showing that the last months of Donald Trump’s presidency is experiencing a recovery much stronger than they expected.
After a two-day meeting of the FED’s Open Market Committee, they released a statement of the projections from FED board members and other leaders. These projections demonstrated huge changes since their last projections from September.
The median projection for 2020 is a 2.4 percent contraction. Which is much better than the 3.7 percent predicted last time. And at the June meeting, their projection was even larger, at a whopping 6.5 percent contraction.
For unemployment, the projection was lowered to 6.7 percent, down from 7.6 percent in September and 9.3 percent earlier in the year.
These updates prove that Trump’s work to accelerate the recovery has aided and added to the economic aid package passed through Congress months ago. This update also proves Trump has been more successful than most analysts predicted.
Federal Reserve officials also upgraded its expectations 2021 and 2022. Where they expect an expansion of 4.2 percent versus their prior prediction of 4.0 percent. While the 2022 rate is 3.2 percent, increased from 3.0 percent.
Unemployment also got a boost. Now it has gone from 5.5 percent to 5.0 percent for 2021. And to 4.2 percent for 2022, lowered from 4.6 percent predicted in June.