Federal Reserve officials do not seem to be buying what tax-cut advocates are selling, namely that economic growth will offset the proposed rate reductions.
Even with the sharp uptick in 2018 GDP projections, central bank policymakers view gains in coming years as muted and more in line with the post-financial crisis trend. Following its meeting this week, the Fed pushed its estimate for 2018 from 2.1 percent to 2.5 percent, but then said the level would fall to 2.1 percent and 2 percent in the following years.
