Its statement of July 27, 2016, indicated that the FOMC it would pursue policies to meet its “objectives of maximum employment and 2 percent inflation.” Plot since 2009 the evolution of the FOMC’s longer-run projection for the unemployment rate (FRED code: UNRATECTMLR), the actual unemployment rate (FRED code: UNRATE), and the percent change from a year ago of the core for personal consumption expenditures price index (FRED code: PCEPILFE). Summarize the description provided by FRED (beneath the plot) of the FOMC longer-run unemployment projection. Then use the plot to explain why the FOMC statement indicated that the federal funds interest rate will likely remain for some time “below levels that are expected to prevail in the longer run.”