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US Data: FOMC Participant Projections For Target Funds Rate>

Report for:  September 2017
Source: Federal Reserve
Federal Reserve Note:
Appropriate monetary policy, by definition, is the future path of
policy that each participant deems most likely to foster outcomes for
economic activity and inflation that best satisfy his or her
interpretation of the Federal Reserve's dual objectives of maximum
employment and stable prices.
Appropriate Pace of Monetary Firming
Target Federal Funds Rate at Year-End (in pct)
             Number of Reponses
End of Year        2017      2017      2017        2018      2018      2018
Release Date:     Sep17     Jun17     Mar17       Sep17     Jun17     Mar17
Mean FFR *        1.328     1.375     1.404       2.039     2.227     2.316
Median FFR *      1.375     1.375     1.375       2.125     2.125     2.125
Mode FFR*         1.375     1.375     1.375       2.125     2.125     2.125
-0.125                0         0         0           0         0         0
0.000                 0         0         0           0         0         0
0.125                 0         0         0           0         0         0
0.250                 0         0         0           0         0         0
0.375                 0         0         0           0         0         0
0.500                 0         0         0           0         0         0
0.625                 0         0         0           0         0         0
0.750                 0         0         0           0         0         0
0.875                 0         0         2           0         0         1
1.000                 0         0         0           0         0         0
1.125                 4         4         1           2         1         0
1.250                 0         0         0           0         0         0
1.375                11         8         9           0         0         0
1.500                 0         0         0           0         0         0
1.625                 1         4         4           1         1         1
1.750                 0         0         0           0         0         0
1.875                 0         0         0           2         2         1
2.000                 0         0         0           0         0         0
2.125                 0         0         1           6         5         6
2.250                 0         0         0           0         0         0
2.375                 0         0         0           3         2         3
2.500                 0         0         0           1         0         0
2.625                 0         0         0           1         3         1
2.750                 0         0         0           0         1         0
2.875                 0         0         0           0         0         1
3.000                 0         0         0           0         0         1
3.125                 0         0         0           0         1         0
3.250                 0         0         0           0         0         1
3.375                 0         0         0           0         0         1
3.500                 0         0         0           0         0         0
3.625                 0         0         0           0         0         0
3.750                 0         0         0           0         0         0
3.875                 0         0         0           0         0         0
4.000                 0         0         0           0         0         0
4.125                 0         0         0           0         0         0
4.250                 0         0         0           0         0         0
4.375                 0         0         0           0         0         0
4.500                 0         0         0           0         0         0
4.625                 0         0         0           0         0         0
4.750                 0         0         0           0         0         0
4.875                 0         0         0           0         0         0
5.000                 0         0         0           0         0         0
End of Year        2019      2019      2019        2020      2020      2020
Release Date:     Sep17     Jun17     Mar17       Sep17     Jun17     Mar17
Mean FFR *        2.633     2.852     2.890       2.852       NA        NA
Median FFR *      2.688     2.938     3.000       2.875       NA        NA
Mode FFR*         2.375     2.625       NA        2.875       NA        NA
-0.125                0         0         0           0       NA        NA
0.000                 0         0         0           0       NA        NA
0.125                 0         0         0           0       NA        NA
0.250                 0         0         0           0       NA        NA
0.375                 0         0         0           0       NA        NA
0.500                 0         0         0           0       NA        NA
0.625                 0         0         0           0       NA        NA
0.750                 0         0         0           0       NA        NA
0.875                 0         0         1           0       NA        NA
1.000                 0         0         0           0       NA        NA
1.125                 1         1         0           1       NA        NA
1.250                 0         0         0           0       NA        NA
1.375                 0         0         0           0       NA        NA
1.500                 0         0         0           0       NA        NA
1.625                 1         0         0           0       NA        NA
1.750                 0         0         0           0       NA        NA
1.875                 0         0         0           0       NA        NA
2.000                 0         0         0           0       NA        NA
2.125                 1         0         0           0       NA        NA
2.250                 0         0         0           0       NA        NA
2.375                 2         2         2           2       NA        NA
2.500                 1         0         0           1       NA        NA
2.625                 2         3         2           2       NA        NA
2.750                 1         0         0           1       NA        NA
2.875                 2         2         3           3       NA        NA
3.000                 0         2         2           1       NA        NA
3.125                 2         3         3           1       NA        NA
3.250                 1         1         2           0       NA        NA
3.375                 2         1         0           0       NA        NA
3.500                 0         0         0           2       NA        NA
3.625                 0         0         0           1       NA        NA
3.750                 0         0         0           0       NA        NA
3.875                 0         0         2           1       NA        NA
4.000                 0         0         0           0       NA        NA
4.125                 0         1         0           0       NA        NA
4.250                 0         0         0           0       NA        NA
4.375                 0         0         0           0       NA        NA
4.500                 0         0         0           0       NA        NA
4.625                 0         0         0           0       NA        NA
4.750                 0         0         0           0       NA        NA
4.875                 0         0         0           0       NA        NA
5.000                 0         0         0           0       NA        NA
End of Year   Long Run  Long Run  Long Run
Release Date:     Sep17     Jun17     Mar17
Mean FFR *        2.783     2.917     2.969
Median FFR *      2.750     3.000     3.000
Mode FFR*         3.000     3.000     3.000
-0.125                0         0         0
0.000                 0         0         0
0.125                 0         0         0
0.250                 0         0         0
0.375                 0         0         0
0.500                 0         0         0
0.625                 0         0         0
0.750                 0         0         0
0.875                 0         0         0
1.000                 0         0         0
1.125                 0         0         0
1.250                 0         0         0
1.375                 0         0         0
1.500                 0         0         0
1.625                 0         0         0
1.750                 0         0         0
1.875                 0         0         0
2.000                 0         0         0
2.125                 0         0         0
2.250                 1         0         0
2.375                 0         0         0
2.500                 4         1         1
2.625                 0         0         0
2.750                 4         5         5
2.875                 0         0         0
3.000                 5         8         8
3.125                 0         0         0
3.250                 0         0         0
3.375                 0         0         0
3.500                 1         1         1
3.625                 0         0         0
3.750                 0         0         1
3.875                 0         0         0
4.000                 0         0         0
4.125                 0         0         0
4.250                 0         0         0
4.375                 0         0         0
4.500                 0         0         0
4.625                 0         0         0
4.750                 0         0         0
4.875                 0         0         0
5.000                 0         0         0
  ** MNI Washington Bureau (202) 371-2121 **
[TOPICS: MTABLE,M$U$$$,MMUFE$,MAUDA$]

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