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United States: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United States

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  • International Monetary Fund

Abstract

This 2022 Article IV Consultation discusses that the United States (U.S.) has recovered quickly from the pandemic shock. The US economy has staged a strong recovery from the coronavirus disease 2019 (COVID-19) shock. The positive effects of unprecedented policy stimulus, combined with the advantages of a highly flexible economy, have been clear. Just over two years after the COVID-19 shock, the unemployment rate and other measures of labor force underutilization have returned to end-2019 levels and output is close to its pre-pandemic trend. The Federal Open Market Committee’s decision at its June meeting—to raise rates by 75 basis points and provide forward guidance around a path for the federal funds rate that peaks at close to 4 percent—strikes the right balance. This policy path should serve to create the up-front tightening of financial conditions that will be necessary to quickly bring inflation back to target. More determined action is needed to achieve the administration’s climate goals and to facilitate a smooth, speedy transition to a low carbon economy.

Suggested Citation

  • International Monetary Fund, 2022. "United States: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the United States," IMF Staff Country Reports 2022/220, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2022/220
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