RPT-FED SAYS IMPROVEMENT IN LABOR MARKET SLOWED SINCE APRIL MEETING DESPITE PICKUP IN ECONOMIC ACTIVITY, BUT EXPECTS REBOUND
RPT-FED SEES SLOWER PATH OF FUTURE RATE HIKES AT ROUGHLY THREE PER YEAR STARTING IN 2017, CUTS ESTIMATED LONG-RUN FEDERAL FUNDS RATE TO 3 PCT FROM 3.3 PCT IN MARCH FORECAST