Federal Open Market Committee (FOMC) Economic Projections

FOMC Economic Projections are published as a report containing the outlook of the Federal Open Market Committee on unemployment, inflation, GDP and interest rate changes for the coming years. Economic projections are collected from all members of the Fed Reserve System Board and chairs of the Federal Reserve Bank four times a year in connection with the March, June, September and December meetings of the FOMC. The full version of projections is released together with FOMC meeting minutes.

Each respondent provides an outlook for the following economic indicators:

• Percentage change of GDP adjusted for inflation (real GDP)
• Unemployment
• Percentage change of the consumer price index
• Percentage change of the core consumer price index (excluding food and energy)

Projections also feature forecast of monetary policy measures and Fed's interest rates in the fourth quarter of the current year and for the next few years. The cover letter describes key factors underlying these projections.

March and June projections contain forecasts for economic conditions and financial policy for the current year, each of the next two years and a longer period (5 to 6 years). September and December projections contain forecasts for conditions and policy for the current year, each of the next three years and a longer period (5 to 6 years).

Market analysts make predictions on the Fed's further behavior depending on how optimistic the projections are. Projections have a weak impact on dollar quotes, because they are published along with more important market events.