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US Data: FOMC Participant Projections For Target Funds Rate>

Report for:  September 2018
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        2018      2018      2018        2019      2019      2019
Release Date:    Sep18     Jun18     Mar18       Sep18     Jun18     Mar18
Mean FFR *        2.313     2.242     2.192       3.016     2.958     2.917
Median FFR *      2.375     2.375     2.125       3.125     3.125     2.875
Mode FFR*         2.375     2.375       NA        2.875     2.875     2.875
-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         0           0         0         0
1.000                 0         0         0           0         0         0
1.125                 0         0         0           0         0         0
1.250                 0         0         0           0         0         0
1.375                 0         0         0           0         0         0
1.500                 0         0         0           0         0         0
1.625                 0         0         2           0         0         1
1.750                 0         0         0           0         0         0
1.875                 0         2         0           0         1         0
2.000                 0         0         0           0         0         0
2.125                 4         5         6           1         1         1
2.250                 0         0         0           0         0         0
2.375                12         7         6           1         0         0
2.500                 0         0         0           0         0         0
2.625                 0         1         1           1         1         1
2.750                 0         0         0           0         0         1
2.875                 0         0         0           4         4         5
3.000                 0         0         0           0         0         0
3.125                 0         0         0           4         4         2
3.250                 0         0         0           0         0         0
3.375                 0         0         0           4         3         3
3.500                 0         0         0           0         0         0
3.625                 0         0         0           1         1         0
3.750                 0         0         0           0         0         0
3.875                 0         0         0           0         0         1
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        2020      2020      2020        2021      2021      2021
Release Date:    Sep18     Jun18     Mar18       Sep18     Jun18     Mar18
Mean FFR *        3.281     3.308     3.325       3.234       NA        NA
Median FFR *      3.375     3.375     3.375       3.375       NA        NA
Mode FFR*         3.625     3.375     3.375       3.375       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         0           0       NA        NA
1.000                 0         0         0           0       NA        NA
1.125                 0         0         0           0       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                 0         0         1           0       NA        NA
1.750                 0         0         0           0       NA        NA
1.875                 0         1         0           0       NA        NA
2.000                 0         0         0           0       NA        NA
2.125                 1         0         0           1       NA        NA
2.250                 0         0         0           0       NA        NA
2.375                 0         0         0           0       NA        NA
2.500                 0         2         0           0       NA        NA
2.625                 1         0         2           1       NA        NA
2.750                 0         0         0           0       NA        NA
2.875                 1         0         0           3       NA        NA
3.000                 0         0         0           1       NA        NA
3.125                 4         1         1           1       NA        NA
3.250                 0         1         1           0       NA        NA
3.375                 2         4         5           4       NA        NA
3.500                 0         1         1           1       NA        NA
3.625                 6         3         2           2       NA        NA
3.750                 0         0         0           0       NA        NA
3.875                 1         0         0           1       NA        NA
4.000                 0         0         0           0       NA        NA
4.125                 0         2         1           1       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         1           0       NA        NA
5.000                 0         0         0           0       NA        NA
End of Year   Long Run  Long Run  Long Run
Release Date:    Sep18     Jun18     Mar18
Mean FFR *        2.883     2.866     2.866
Median FFR *      3.000     2.875     2.875
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                 0         1         1
2.375                 0         0         0
2.500                 3         1         1
2.625                 0         1         1
2.750                 4         4         4
2.875                 0         0         0
3.000                 6         5         5
3.125                 0         0         0
3.250                 1         1         1
3.375                 0         0         0
3.500                 1         1         1
3.625                 0         0         0
3.750                 0         0         0
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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