[Summary]Federal Reserve Semiannual Monetary Policy Report (24/2/2015)

Federal Reserve Chair Janet L. Yellen report to the congress that since the July 2014 Monetary Policy Report, there has been important progress toward the Federal Open Market Committee (FOMC)'s objective of maximum employment:

• Unemployment rate: 5.7% (6% last summer)
• Average pace of monthly job gains: 260,000 (240,000 last first half/280,000 last second half)
• Real GDP growth: 3-3/4%

However, U.S. inflation continues to run below the Committee's 2% objective, also it is expected:

• Inflation decline further in near term
• Rising gradually toward 2% over the medium team

The FOMC's assessment that it can be patient in beginning to normalize policy means that the Committee considers it unlikely that economic conditions will warrant an increase in the target range for the federal funds rate for at least the next couple of FOMC meetings.

source: Federal Reserve Web Site