Board of Governors of the Federal Reserve System

Accessible Version

Figure 1. Central tendencies and ranges of economic projections, 2012-14 and over the longer run

Central tendencies and ranges of economic projections for years 2012 through 2014 and over the longer run. Actual values for years 2007 through 2011.

Change in real GDP
Percent

Unemployment rate
Percent

PCE inflation
Percent

Note: Definitions of variables are in the notes to the projections table. The data for the actual values of the variables are annual.

Figure 2. Overview of FOMC participants' assessments of appropriate monetary policy, June 2012

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 federal funds rate from its current range of 0 to 1/4 percent will occur in the specified calendar year. In April 2012, the numbers of FOMC participants who judged that the first increase in the target federal funds rate would occur in 2012, 2013, 2014, and 2015 were, respectively, 3, 3, 7, and 4.

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 1/4 percentage point) of an individual participant's judgment of the appropriate level of the target federal funds rate at the end of the specified calendar year or over the longer run.