[Powell] feels [the U.S. Economy] is on the verge of a “historically rare” era of ultra-low unemployment and tame prices for the foreseeable future.
It is an outlook he feels will even survive the Trump administration’s efforts to rewrite the global trading system.
[The Fed] sees a hot job market, steady economic growth, steady 2 percent inflation and only modest rate increases through 2021 – as if the United States had slipped into the sort of pleasant long-run equilibrium described in textbook economic models.