Laserfiche WebLink
The Fed’s Dual Mandate Gets More ComplicatedSource: FOMC Chair Jerome Powell Press Conference, June 18, 2025. Bureau of Economic Analysis, and Bloomberg Finance L.P., as of May 2025 (left). Bureau of Labor Statistics, and Bloomberg Finance L.P., as of June 2025 (right). Data is seasonally adjusted. Survey responses after June 27, 2025, included in median and forecast range. Forecast range shown is the 75th and 25th percentile of responses.Sep-253.2%Dec-253.3%Jun-263.0%May-252.7%1%2%3%4%5%6%Jun-23Jun-24Jun-25Jun-26Core PCE Inflation (YoY)Average ForecastActualJun-254.1%Sep-254.4%Dec-254.5%Jun-264.5%3%4%5%Jun-23Jun-24Jun-25Jun-26Unemployment RateMedian ForecastActualFed Chair Powell : “We may find ourselves in the challenging scenario in which our dual mandate goals are in tension. If thatwere tooccur, we would consider how far the economy is from each goal and the potentially different time horizons over which those respective gaps would be anticipated to close.”For the Quarter Ended June 30, 2025Market UpdatePFM Asset Management | pfmam.comCITY OF REDWOOD CITY157.A. - Page 21 of 6331