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Title:               Longer Run FOMC Summary of Economic Projections for the Fed Funds Rate, Median
Series ID:           FEDTARMDLR
Source:              U.S. Federal Open Market Committee, Federal Reserve Bank of St. Louis
Release:             Summary of Economic Projections (Not a Press Release)
Seasonal Adjustment: Not Seasonally Adjusted
Frequency:           Not Applicable
Units:               Percent
Date Range:          2012-01-25 to 2024-03-20
Last Updated:        2024-03-20 2:08 PM CDT
Notes:               The longer-run projections are the rates of growth, inflation,
                     unemployment, and federal funds rate to which a policymaker expects
                     the economy to converge over time in the absence of further shocks and
                     under appropriate monetary policy. Because appropriate monetary
                     policy, by definition, is aimed at achieving the Federal Reserve's
                     dual mandate of maximum employment and price stability in the longer
                     run, policymakers' longer-run projections for economic growth and
                     unemployment may be interpreted, respectively, as estimates of the
                     economy's longer-run potential growth rate and the longer-run normal
                     rate of unemployment; similarly, the longer-run projection of
                     inflation is the rate of inflation which the FOMC judges to be most
                     consistent with its dual mandate in the longer-term.
                     
                     The projections for the federal funds rate are the value of the
                     midpoint of the projected appropriate target range for the federal
                     funds rate or the projected appropriate target level for the federal
                     funds rate at the end of the specified calendar year or over the
                     longer run. Each participant's projections are based on his or her
                     assessment of appropriate monetary policy. The range for each variable
                     in a given year includes all participants' projections, from lowest to
                     highest, for that variable in the given year. This series represents
                     the median value of the range forecast established by the Federal Open
                     Market Committee. For each period, the median is the middle projection
                     when the projections are arranged from lowest to highest. When the
                     number of projections is even, the median is the average of the two
                     middle projections.
                     
                     Digitized originals of this release can be found at
                     https://fraser.stlouisfed.org/publication/?pid=677.

DATE       VALUE
2012-01-25   4.3
2012-04-25   4.3
2012-06-20   4.3
2012-09-13   4.0
2012-12-12   4.0
2013-03-20   4.0
2013-06-19   4.0
2013-09-18   4.0
2013-12-18   4.0
2014-03-19   4.0
2014-06-18   3.8
2014-09-17   3.8
2014-12-17   3.8
2015-03-18   3.8
2015-06-17   3.8
2015-09-17   3.5
2015-12-16   3.5
2016-03-16   3.3
2016-06-15   3.0
2016-09-21   2.9
2016-12-14   3.0
2017-03-15   3.0
2017-06-14   3.0
2017-09-20   2.8
2017-12-13   2.8
2018-03-21   2.9
2018-06-13   2.9
2018-09-26   3.0
2018-12-19   2.8
2019-03-20   2.8
2019-06-19   2.5
2019-09-18   2.5
2019-12-11   2.5
2020-06-10   2.5
2020-09-16   2.5
2020-12-16   2.5
2021-03-17   2.5
2021-06-16   2.5
2021-09-22   2.5
2021-12-15   2.5
2022-03-16   2.4
2022-06-15   2.5
2022-09-21   2.5
2022-12-14   2.5
2023-03-22   2.5
2023-06-14   2.5
2023-09-20   2.5
2023-12-13   2.5
2024-03-20   2.6