Board of Governors of the Federal Reserve System

Accessible Version

Table data for charts presented with Summary of Economic Projections given within the FOMC Minutes on September 16-17, 2015.

Figure 1. Medians, central tendencies, and ranges of economic projections, 2015-18 and over the longer run

Change in real GDP
Percent

Unemployment rate
Percent

PCE inflation
Percent

Core PCE inflation
Percent

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

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 June 2015, the numbers of FOMC participants who judged that the first increase in the target federal funds rate would occur in 2015, 2016, and 2017 were, respectively, 15, 2, and 0.

Appropriate pace of policy firming
Number of participants with projected targets

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, 2015-18 and over the longer run

Histograms, five panels.

Number of Participants

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

Figure 3.B. Distribution of participants' projections for the unemployment rate, 2015-18 and over the longer run

Histograms, five panels.

Number of Participants

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

Figure 3.C. Distribution of participants' projections for the PCE inflation, 2015-18 and over the longer run

Histograms, five panels.

Number of Participants

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

Figure 3.D. Distribution of participants' projections for core PCE inflation, 2015-18

Histograms, four panels.

Number of Participants

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

Figure 3.E. Distribution of participants' judgments of the midpoint of the appropriate target range for the federal funds rate or the appropriate target level for the federal funds rate, 2015-18 and over the longer run

Histograms, five panels.

Number of Participants

Note: The midpoints of the target ranges for the federal funds rate and the target levels for the federal funds rate are measured at the end of the specified calendar year or over the longer run.

Figure 4. Uncertainty and risks in economic projections

Histograms, eight panels.

Uncertainty about GDP growth
Number of participants

Uncertainty about Unemployment rate
Number of participants

Uncertainty about PCE inflation
Number of participants

Uncertainty about Core PCE inflation
Number of participants

Risks to GDP Growth
Number of participants

Risks to Unemployment rate
Number of participants

Risks to PCE inflation
Number of participants

Risks to Core PCE inflation
Number of participants

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.