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Table data for charts presented with Summary of Economic Projections given within the FOMC Minutes on December 16-17, 2014.

Figure 1. Central tendencies and ranges of economic projections, 2014-17 and over the longer run

Central tendencies and ranges of economic projections for years 2014 through 2017 and over the longer run. Actual values for years 2009 through 2013.

Change in real GDP
Percent

  2009 2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual (0.2) 2.7 1.7 1.6 3.1 - - - - -
Upper End of Range - - - - - 2.5 3.2 3.0 2.7 2.7
Upper End of Central Tendency - - - - - 2.4 3.0 3.0 2.5 2.3
Lower End of Central Tendency - - - - - 2.3 2.6 2.5 2.3 2.0
Lower End of Range - - - - - 2.3 2.1 2.1 2.0 1.8

Unemployment rate
Percent

  2009 2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 9.9 9.5 8.7 7.8 7.0 - - - - -
Upper End of Range - - - - - 5.8 5.5 5.4 5.7 5.8
Upper End of Central Tendency - - - - - 5.8 5.3 5.2 5.3 5.5
Lower End of Central Tendency - - - - - 5.8 5.2 5.0 4.9 5.2
Lower End of Range - - - - - 5.7 5.0 4.9 4.7 5.0

PCE inflation
Percent

  2009 2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 1.2 1.3 2.7 1.6 1.0 - - - - -
Upper End of Range - - - - - 1.6 2.2 2.1 2.2 2.0
Upper End of Central Tendency - - - - - 1.3 1.6 2.0 2.0 2.0
Lower End of Central Tendency - - - - - 1.2 1.0 1.7 1.8 2.0
Lower End of Range - - - - - 1.2 1.0 1.6 1.8 2.0

Core PCE inflation
Percent

  2009 2010 2011 2012 2013 2014 2015 2016 2017 Longer Run
Actual 1.4 1.0 1.9 1.6 1.3 - - - - -
Upper End of Range - - - - - 1.6 2.2 2.1 2.2 n.a.
Upper End of Central Tendency - - - - - 1.6 1.8 2.0 2.0 n.a.
Lower End of Central Tendency - - - - - 1.5 1.5 1.7 1.8 n.a.
Lower End of Range - - - - - 1.5 1.5 1.6 1.8 n.a.

Note: Definitions of variables are in the general note to table 1. The data for the actual values of the variables are annual.

 

Figure 2. Overview of FOMC participants' assessments of appropriate monetary policy

Appropriate timing of policy firming

  2015 2016
Number of participants 15 2

Note: In the upper panel, the height of each bar denotes the number of FOMC participants who judge that, under appropriate monetary policy, the first increase in the target range for the federal funds rate from its current range of 0 to 1/4 percent will occur in the specified calendar year. In September 2014, the numbers of FOMC participants who judged that the first increase in the target federal funds rate would occur in 2014, 2015, and 2016 were, respectively, 1, 14, and 2.

Appropriate pace of policy firming: Midpoint of target range or target level for the federal funds rate
Number of participants with projected midpoint of target range or target level

Midpoint of target range
or target level (Percent)
2014 2015 2016 2017 Longer Run
0.125 17 2      
0.250          
0.375     1    
0.500          
0.625   2      
0.750          
0.875   4      
1.000          
1.125   3 1    
1.250          
1.375          
1.500          
1.625   2      
1.750          
1.875   4 2    
2.000       1  
2.125     3    
2.250          
2.375     1    
2.500     1    
2.625     1 1  
2.750          
2.875     1 1  
3.000          
3.125     2 2  
3.250         1
3.375     1 2  
3.500         3
3.625     1 2  
3.750       3 8
3.875     1 1  
4.000     1 1 3
4.125       1  
4.250       2 2
4.375          

Note: In the lower panel, each shaded circle indicates the value (rounded to the nearest 1/8 percentage point) of an individual participant's judgment of the midpoint of the appropriate target range for the federal funds rate or the appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run.

Figure 3.A. Distribution of participants' projections for the change in real GDP, 2014-17 and over the longer run

Histograms, five panels. Definitions of variables are in the general note to table 1.

Number of Participants

Percent range 2014 2015 2016 2017 Longer Run
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
1.8 - 1.9 0 2 0 0 0 0 0 0 1 1
2 - 2.1 0 5 1 1 1 1 2 2 7 7
2.2 - 2.3 7 10 0 0 1 0 8 8 6 6
2.4 - 2.5 10 0 2 1 3 1 6 6 2 2
2.6 - 2.7 0 0 4 3 6 6 1 1 1 1
2.8 - 2.9 0 0 3 3 2 6 0 0 0 0
3 - 3.1 0 0 5 7 4 3 0 0 0 0
3.2 - 3.3 0 0 2 2 0 0 0 0 0 0

NOTE: Definitions of variables are in the general note to table 1. 

Figure 3.B. Distribution of participants' projections for the unemployment rate, 2014-17 and over the longer run

Histograms, five panels. Definitions of variables are in the general note to table 1.

Number of Participants

Percent range 2014 2015 2016 2017 Longer Run
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
4.6 - 4.7 0 0 0 0 0 0 1 1 0 0
4.8 - 4.9 0 0 0 0 1 1 5 3 0 0
5 - 5.1 0 0 1 0 10 5 5 6 3 2
5.2 - 5.3 0 0 13 3 5 7 4 4 10 8
5.4 - 5.5 0 0 3 9 1 3 1 2 3 6
5.6 - 5.7 3 1 0 5 0 1 1 0 0 0
5.8 - 5.9 14 12 0 0 0 0 0 1 1 0
6 - 6.1 0 4 0 0 0 0 0 0 0 1

NOTE: Definitions of variables are in the general note to table 1. 

Figure 3.C. Distribution of participants' projections for PCE inflation, 2014-17 and over the longer run

Histograms, four panels. Definitions of variables are in the general note to table 1.

Number of Participants

Percent range 2014 2015 2016 2017 Longer Run
December projections September projections December projections September projections December projections September projections December projections September projections December projections September projections
0.9 - 1 0 0 4 0 0 0 0 0 0 0
1.1 - 1.2 10 0 6 0 0 0 0 0 0 0
1.3 - 1.4 6 0 1 0 0 0 0 0 0 0
1.5 - 1.6 1 11 3 4 1 1 0 0 0 0
1.7 - 1.8 0 6 2 8 9 5 5 3 0 0
1.9 - 2 0 0 0 4 6 10 10 12 17 17
2.1 - 2.2 0 0 1 0 1 1 2 2 0 0
2.3 - 2.4 0 0 0 1 0 0 0 0 0 0

NOTE: Definitions of variables are in the general note to table 1. 

Figure 3.D. Distribution of participants' projections for core PCE inflation, 2014-17

Histograms, four panels. Definitions of variables are in the general note to table 1.

Number of Participants

Percent range 2014 2015 2016 2017
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
December
projections
September
projections
1.5 - 1.6 17 16 9 4 2 0 0 0
1.7 - 1.8 0 1 5 8 8 5 5 2
1.9 - 2 0 0 2 4 5 10 10 13
2.1 - 2.2 0 0 1 0 2 2 2 2
2.3 - 2.4 0 0 0 1 0 0 0 0

NOTE: Definitions of variables are in the general note to table 1. 

Figure 3.E. Distribution of participants' judgments for the targest federal funds rate, 2014-17 and over the longer run

Histograms, five panels. Definitions of variables are in the general note to table 1.

Number of Participants

Percent Range 2014 2015 2016 2017 Longer Run
December Projections September Projections December Projections September Projections December Projections September Projections December Projections September Projections December Projections September Projections
0 - 0.37 17 16 2 2 0 0 0 0 0 0
0.38 - 0.62 0 0 0 1 1 1 0 0 0 0
0.63 - 0.87 0 0 2 0 0 0 0 0 0 0
0.88 - 1.12 0 1 4 3 0 0 0 0 0 0
1.13 - 1.37 0 0 3 2 1 1 0 0 0 0
1.38 - 1.62 0 0 0 3 0 0 0 0 0 0
1.63 - 1.87 0 0 2 1 0 1 0 0 0 0
1.88 - 2.12 0 0 4 4 2 0 1 1 0 0
2.13 - 2.37 0 0 0 0 3 2 0 0 0 0
2.38 - 2.62 0 0 0 0 2 2 0 0 0 0
2.63 - 2.87 0 0 0 0 1 1 1 1 0 0
2.88 - 3.12 0 0 0 1 1 3 1 0 0 0
3.13 - 3.37 0 0 0 0 2 1 2 3 1 1
3.38 - 3.62 0 0 0 0 1 1 2 2 3 3
3.63 - 3.87 0 0 0 0 1 0 5 3 8 6
3.88 - 4.12 0 0 0 0 2 4 2 4 3 5
4.13 - 4.37 0 0 0 0 0 0 3 2 2 2
4.38 - 4.62 0 0 0 0 0 0 0 1 0 0

NOTE: Definitions of variables are in the general note to table 1. 

Figure 4. Uncertainty and risks in economic projections

Histograms, eight panels. For definitions of uncertainty and risks in economic projections, see the box "Forecast Uncertainty." Definitions of variables are in the general note to table 1.

Uncertainty about GDP growth
Number of participants

  Lower Broadly similar Higher
December projections 0 16 1
September projections 0 13 4

Uncertainty about Unemployment rate
Number of participants

  Lower Broadly similar Higher
December projections 0 15 2
September projections 0 13 4

Uncertainty about PCE inflation
Number of participants

  Lower Broadly similar Higher
December projections 0 13 4
September projections 1 14 2

Uncertainty about Core PCE inflation
Number of participants

  Lower Broadly similar Higher
December projections 0 15 2
September projections 1 14 2

Risks to GDP Growth
Number of participants

  Weighted to downside Broadly balanced Weighted to upside
December projections 3 13 1
September projections 4 12 1

Risks to Unemployment rate
Number of participants

  Weighted to downside Broadly balanced Weighted to upside
December projections 1 16 0
September projections 1 16 0

Risks to PCE inflation
Number of participants

  Weighted to downside Broadly balanced Weighted to upside
December projections 6 10 1
September projections 5 11 1

Risks to Core PCE inflation
Number of participants

  Weighted to downside Broadly balanced Weighted to upside
December projections 5 11 1
September projections 5 11 1

NOTE: For definitions of uncertainty and risks in economic projections, see the box "Forecast Uncertainty." Definitions of variables are in the general note to table 1.

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Last Update: January 07, 2015