| May 2017 | June 2017 | Comments |
| Information received since the Federal Open Market Committee met in March indicates that the labor market has continued to strengthen even as growth in economic activity slowed. | Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year. | Shades GDP up |
| Job gains were solid, on average, in recent months, and the unemployment rate declined. | Job gains have moderated but have been solid, on average, since the beginning of the year, and the unemployment rate has declined. | Shades labor conditions down |
| Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed. | Household spending has picked up in recent months, and business fixed investment has continued to expand. | Shades up household spending and business fixed investment |
| Inflation measured on a 12-month basis recently has been running close to the Committee’s 2 percent longer-run objective. Excluding energy and food, consumer prices declined in March and inflation continued to run somewhat below 2 percent. | On a 12-month basis, inflation has declined recently and, like the measure excluding food and energy prices, is running somewhat below 2 percent. | Shades inflation down. |
| Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance. | Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance. | No Change |
| Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. | Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. | No Change |
| The Committee views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will stabilize around 2 percent over the medium term. | The Committee continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, and labor market conditions will strengthen somewhat further. Inflation on a 12-month basis is expected to remain somewhat below 2 percent in the near term but to stabilize around the Committee’s 2 percent objective over the medium term. | Inflation down, |
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