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Federal Reserve economist: U.S. economy resilient but housing affordability, inflation risks remain
Summary
Sonia Waddell of the Federal Reserve Bank of Richmond told the Virginia Housing Commission that overall U.S. growth has been resilient but housing affordability remains strained, inflation progress has moderated and risks such as tariffs and federal spending changes could affect Virginia.
Sonia Waddell, an economist at the Federal Reserve Bank of Richmond, briefed the Virginia Housing Commission on March 4, saying the U.S. economy has remained resilient while several risks persist for inflation and housing affordability.
Waddell said national gross domestic product expanded about 2.5% last year and the fourth quarter rose roughly 2.3%; Federal Open Market Committee participants’ median projection for the year ahead was about 1.7%. “My views are mine and not the views of the Federal Reserve Bank of Richmond or the Federal Reserve System,” Waddell prefaced her remarks.
Waddell highlighted that core personal consumption expenditures (PCE) inflation was running near…
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