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Accessible Version Summary of Economic Projections Compilation and Summary of Individual Economic Projections December 11-12, 2012 Tables and Charts SEP: Compilation and Summary of Individual Economic Projections (PDF) Authorized for Public Release Table 1. Economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, December 2012 Percent Central tendency1 Variable Range2 2012 2013 2014 2015 Longer run 2012 2013 2014 2015 Longer run Change in real GDP 1.7 to 1.8 2.3 to 3.0 3.0 to 3.5 3.0 to 3.7 2.3 to 2.5 1.6 to 2.0 2.0 to 3.2 2.8 to 4.0 2.5 to 4.2 2.2 to 3.0 September projection 1.7 to 2.0 2.5 to 3.0 3.0 to 3.8 3.0 to 3.8 2.3 to 2.5 1.6 to 2.0 2.3 to 3.5 2.7 to 4.1 2.5 to 4.2 2.2 to 3.0 Unemployment rate 7.8 to 7.9 7.4 to 7.7 6.8 to 7.3 6.0 to 6.6 5.2 to 6.0 7.7 to 8.0 6.9 to 7.8 6.1 to 7.4 5.7 to 6.8 5.0 to 6.0 September projection 8.0 to 8.2 7.6 to 7.9 6.7 to 7.3 6.0 to 6.8 5.2 to 6.0 8.0 to 8.3 7.0 to 8.0 6.3 to 7.5 5.7 to 6.9 5.0 to 6.3 PCE inflation 1.6 to 1.7 1.3 to 2.0 1.5 to 2.0 1.7 to 2.0 2.0 1.6 to 1.8 1.3 to 2.0 1.4 to 2.2 1.5 to 2.2 2.0 September projection 1.7 to 1.8 1.6 to 2.0 1.6 to 2.0 1.8 to 2.0 2.0 1.5 to 1.9 1.5 to 2.1 1.6 to 2.2 1.8 to 2.3 2.0 Core PCE inflation3 1.6 to 1.7 1.6 to 1.9 1.6 to 2.0 1.8 to 2.0 1.6 to 1.8 1.5 to 2.0 1.5 to 2.0 1.7 to 2.2 September projection 1.7 to 1.9 1.7 to 2.0 1.8 to 2.0 1.9 to 2.0 1.6 to 2.0 1.6 to 2.0 1.6 to 2.2 1.8 to 2.3 Note: Projections of change in real gross domestic product (GDP) and projections for both measures of inflation are from the fourth quarter of the previous year to the fourth quarter of the year indicated. PCE inflation and core PCE inflation are the percentage rates of change in, respectively, the price index for personal consumption expenditures (PCE) and the price index for PCE excluding food and energy. Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated. Each participant's projections are based on his or her assessment of appropriate monetary policy. Longer-run projections represent each participant's assessment of the rate to which each variable would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy. The September projections were made in conjunction with the meeting of the Federal Open Market Committee on September 12-13, 2012. 1. The central tendency excludes the three highest and three lowest projections for each variable in each year. Return to table 2. The range for a variable in a given year consists of all participants' projections, from lowest to highest, for that variable in that year. Return to table 3. Longer-run projections for core PCE inflation are not collected. Return to table Table 1a Economic Projections for the First Half of 2012** (in percent) Central Tendencies and Ranges Central Tendency Range Change in Real GDP 1.6 1.6 PCE Inflation 1.6 1.6 Core PCE Inflation 2.0 2.0 Participants' Projections Projection Change in Real GDP PCE Inflation Core PCE Inflation 1 1.6 1.6 2 2 1.6 1.6 2 3 1.6 1.6 2 4 1.6 1.6 2 5 1.6 1.6 2 6 1.6 1.6 2 7 1.6 1.6 2 8 1.6 1.6 2 9 1.6 1.6 2 10 1.6 1.6 2 11 1.6 1.6 2 12 1.6 1.6 2 13 1.6 1.6 2 14 1.6 1.6 2 15 1.6 1.6 2 16 1.6 1.6 2 17 1.6 1.6 2 18 1.6 1.6 2 19 1.6 1.6 2 * Growth and inflation are reported at annualized rates. Return to text Table 1b Economic Projections for the Second Half of 2012* (in percent) Central Tendencies and Ranges Central Tendency Range Change in Real GDP 1.8 to 2.0 1.6 to 2.4 PCE Inflation 1.6 to 1.8 1.6 to 2.0 Core PCE Inflation 1.2 to 1.4 1.2 to 1.6 Participants' Projections Projection Change in Real GDP PCE Inflation Core PCE Inflation 1 1.6 1.6 1.2 2 2.0 1.8 1.2 3 1.8 1.6 1.6 4 1.8 1.6 1.2 5 1.8 1.8 1.2 6 2.0 1.8 1.4 7 1.8 1.6 1.2 8 2.0 1.8 1.4 9 2.0 1.8 1.4 10 1.8 1.6 1.2 11 1.8 1.6 1.2 12 1.8 1.6 1.2 13 1.8 1.6 1.2 14 1.8 1.6 1.2 15 1.8 1.6 1.2 16 1.8 1.6 1.2 17 1.6 1.8 1.2 18 2.4 2.0 1.6 19 2.0 1.6 1.2 * Projections for the second half of 2012 implied by participants' December projections for the first half of 2012 and for 2012 as a whole. Growth and inflation are reported at annualized rates. Return to text Table 2 December economic projections, 2012-15 and over the longer run (in percent) Projection Year Change in Real GDP Unemployment Rate PCE Inflation Core PCE Inflation Federal Funds Rate 1 2012 1.6 7.8 1.6 1.6 0.13 2 2012 1.8 7.8 1.7 1.6 0.13 3 2012 1.7 7.9 1.6 1.8 0.13 4 2012 1.7 8.0 1.6 1.6 0.13 5 2012 1.7 7.8 1.7 1.6 0.13 6 2012 1.8 7.8 1.7 1.7 0.13 7 2012 1.7 7.8 1.6 1.6 0.13 8 2012 1.8 7.8 1.7 1.7 0.13 9 2012 1.8 7.9 1.7 1.7 0.13 10 2012 1.7 7.9 1.6 1.6 0.13 11 2012 1.7 7.7 1.6 1.6 0.13 12 2012 1.7 7.8 1.6 1.6 0.13 13 2012 1.7 7.8 1.6 1.6 0.13 14 2012 1.7 7.8 1.6 1.6 0.13 15 2012 1.7 7.8 1.6 1.6 0.13 16 2012 1.7 7.8 1.6 1.6 0.13 17 2012 1.6 7.8 1.7 1.6 0.13 18 2012 2.0 7.8 1.8 1.8 0.13 19 2012 1.8 7.9 1.6 1.6 0.13 1 2013 2.4 7.5 1.8 1.7 0.13 2 2013 2.5 7.4 1.6 1.6 0.13 3 2013 2.2 7.8 1.5 1.5 0.13 4 2013 2.5 7.8 1.3 1.6 0.13 5 2013 3.0 7.5 1.6 1.8 0.13 6 2013 3.2 7.0 2.0 2.0 0.13 7 2013 2.9 7.3 1.3 1.6 0.13 8 2013 2.5 7.4 2.0 1.9 0.50 9 2013 2.3 7.6 1.9 1.9 0.13 10 2013 2.8 7.6 1.5 1.7 0.13 11 2013 2.7 7.5 1.3 1.6 0.13 12 2013 3.0 7.4 1.9 1.9 0.13 13 2013 2.4 7.5 2.0 1.7 0.13 14 2013 2.7 7.7 1.4 1.7 0.13 15 2013 2.1 7.7 1.4 1.7 0.13 16 2013 2.6 7.5 1.4 1.6 0.13 17 2013 2.0 7.6 1.8 1.8 0.13 18 2013 3.0 6.9 2.0 2.0 1.00 19 2013 2.8 7.5 1.3 1.6 0.13 1 2014 3.6 6.4 2.2 2.0 0.13 2 2014 3.2 6.8 2.0 2.0 0.13 3 2014 3.3 7.3 1.5 1.5 0.13 4 2014 3.2 7.4 1.4 1.6 0.13 5 2014 4.0 6.8 2.0 2.0 0.13 6 2014 3.2 6.1 2.0 2.0 1.75 7 2014 3.5 6.8 1.6 1.7 0.13 8 2014 2.8 6.8 2.0 2.0 1.50 9 2014 2.9 7.0 2.0 2.0 0.13 10 2014 3.2 7.1 1.7 1.8 0.13 11 2014 3.8 7.1 1.4 1.6 0.13 12 2014 3.2 7.0 2.0 2.0 0.50 13 2014 3.1 7.1 1.8 1.6 0.13 14 2014 3.4 7.2 1.6 1.8 0.13 15 2014 3.1 7.4 1.7 1.9 0.13 16 2014 3.3 7.0 1.6 1.7 0.13 17 2014 2.8 7.3 2.0 2.0 1.50 18 2014 3.0 6.2 2.0 2.0 2.75 19 2014 3.5 7.0 1.5 1.7 0.13 1 2015 3.5 5.7 2.0 2.0 1.00 2 2015 3.4 6.2 2.1 2.1 0.13 3 2015 3.5 6.8 2.2 2.0 0.50 4 2015 3.6 6.5 1.5 1.7 0.75 5 2015 4.2 6.0 2.2 2.2 0.75 6 2015 2.8 6.0 2.0 2.0 3.75 7 2015 3.8 6.1 1.9 1.8 1.00 8 2015 2.9 6.4 2.0 2.0 2.50 9 2015 3.0 6.3 2.0 2.0 1.25 10 2015 3.5 6.5 1.9 1.8 0.50 11 2015 3.7 6.0 1.6 1.8 1.25 12 2015 3.2 6.6 2.0 2.0 2.00 13 2015 3.1 6.7 1.8 1.7 0.50 14 2015 3.7 6.2 1.7 1.9 0.50 15 2015 3.6 6.5 1.9 2.1 0.50 16 2015 3.5 6.3 1.7 1.8 1.00 17 2015 3.5 6.8 2.0 2.0 3.50 18 2015 2.5 6.0 2.0 2.0 4.50 19 2015 3.4 6.2 1.6 1.8 0.75 1 LR 2.3 5.0 2.0 3.50 2 LR 2.3 6.0 2.0 3.75 3 LR 2.2 5.5 2.0 4.00 4 LR 3.0 5.4 2.0 3.80 5 LR 2.5 5.2 2.0 4.00 6 LR 2.3 6.0 2.0 4.25 7 LR 2.3 5.3 2.0 3.80 8 LR 2.3 5.5 2.0 4.30 9 LR 2.5 5.2 2.0 4.50 10 LR 2.3 5.5 2.0 4.30 11 LR 2.3 6.0 2.0 4.50 12 LR 2.5 5.5 2.0 4.00 13 LR 2.5 6.0 2.0 4.00 14 LR 2.5 5.3 2.0 3.00 15 LR 2.5 5.2 2.0 4.00 16 LR 2.2 5.4 2.0 4.20 17 LR 2.3 6.0 2.0 4.25 18 LR 2.5 6.0 2.0 4.50 19 LR 2.5 5.8 2.0 4.25 Table 2 Appendix: Assessments of participants who, under appropriate monetary policy, judge that the federal funds rate will not be raised until after 2015 Projection Year of first increase Change in real GDP Unemployment Rate PCE Inflation Core PCE Inflation Federal Funds Rate 2016 3.4 5.5 2.2 2.2 0.5 2 Figure 1.A. Central tendencies and ranges of economic projections, 2012-15 and over the longer run Real GDP Growth Percent 2007 2008 2009 2010 2011 2012 2013 2014 2015 2.2 (3.3) (0.1) 2.4 2.0 - - - - - Upper End of Range - - - - - 2.0 3.2 4.0 4.2 3.0 Upper End of Central Tendency - - - - - 1.8 3.0 3.5 3.7 2.5 Lower End of Central Tendency - - - - - 1.7 2.3 3.0 3.0 2.3 Lower End of Range - - - - - 1.6 2.0 2.8 2.5 2.2 2007 2008 2009 2010 2011 2012 2013 2014 2015 Longer Run 4.8 6.9 9.9 9.6 8.7 - - - - - Upper End of Range - - - - - 8.0 7.8 7.4 6.8 6.0 Upper End of Central Tendency - - - - - 7.9 7.7 7.3 6.6 6.0 Lower End of Central Tendency - - - - - 7.8 7.4 6.8 6.0 5.2 Lower End of Range - - - - - 7.7 6.9 6.1 5.7 5.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Longer Run 3.5 1.7 1.4 1.5 2.5 - - - - - Upper End of Range - - - - - 1.8 2.0 2.2 2.2 2.0 Upper End of Central Tendency - - - - - 1.7 2.0 2.0 2.0 2.0 Lower End of Central Tendency - - - - - 1.6 1.3 1.5 1.7 2.0 Lower End of Range - - - - - 1.6 1.3 1.4 1.5 2.0 2015 Actual Longer Run Unemployment rate Percent Actual PCE inflation Percent Actual Core PCE inflation Percent 2007 2008 2009 2010 2011 2012 2013 2014 2.4 2.0 1.6 1.2 1.7 - - - - Upper End of Range - - - - - 1.8 2.0 2.0 2.2 Upper End of Central Tendency - - - - - 1.7 1.9 2.0 2.0 Lower End of Central Tendency - - - - - 1.6 1.6 1.6 1.8 Lower End of Range - - - - - 1.6 1.5 1.5 1.7 Actual Note: Definitions of variables are in the general note to table 1. The data for the actual values of the variables are annual. Figure 1.B. Central tendencies and ranges of economic projections, 2012-15 and over the longer run [Three fan charts display a different visual presentation of the same data from the first three charts of Figure 1, Change in real GDP, Unemployment rate, and PCE inflation.] Figure 2. Overview of FOMC participants' assessments of appropriate monetary policy, December 2012 Appropriate Timing of Policy Firming 2013 2014 2015 2016 2 3 13 1 Number of participants 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 September 2012, the numbers of FOMC participants who judged that the first increase in the target federal funds rate would occur in 2012, 2013, 2014, 2015, and 2016 were, respectively, 1, 3, 2, 12, and 1. Appropriate Pace of Policy Firming Number of Participants With Projected Targets Target federal funds rate at year-end (Percent) 0 - 0.37 2012 2013 2014 2015 19 17 14 1 1 1 5 0.38 - 0.62 0.63 - 0.87 Longer Run 3 0.88 - 1.12 1 3 1.13 - 1.37 2 1.38 - 1.62 2 1.63 - 1.87 1 1.88 - 2.12 1 2.13 - 2.37 2.38 -2.62 1 2.63 - 2.87 1 2.88 - 3.12 1 3.13 - 3.37 3.38 - 3.62 1 1 3.63 - 3.87 1 3 3.88 - 4.12 5 4.13 - 4.37 6 4.38 - 4.62 1 3 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. Figure 4.A. Uncertainty and Risks - GDP Growth 2(a): Please indicate your judgment of the uncertainty attached to your projections relative to levels of uncertainty over the past 20 years. Lower (C) Broadly similar (B) Higher (A) September projections 0 1 18 June projections 0 2 17 2(b): Please indicate your judgment of the risk weighting around your projections. Weighted to downside (C) Broadly balanced (B) Weighted to upside (A) September projections 13 6 0 June projections 14 5 0 Individual Responses Respondent 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2(a) A A A A A B A A A A A A A A A 2(b) C C B C C B C B C C B B C C C Figure 4.B. Uncertainty and Risks - Unemployment rate 2(a): Please indicate your judgment of the uncertainty attached to your projections relative to levels of uncertainty over the past 20 years. 15 Lower (C) Broadly similar (B) Higher (A) September projections 0 2 17 June projections 0 2 17 2(b): Please indicate your judgment of the risk weighting around your projections. Weighted to downside (C) Broadly balanced (B) Weighted to upside (A) September projections 0 6 13 June projections 0 6 13 Individual Responses Respondent 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2(a) A A A A A B A A A A A A A A A 2(b) A A B A A B A B A A B B A A A Figure 4.C. Uncertainty and Risks - PCE inflation 2(a): Please indicate your judgment of the uncertainty attached to your projections relative to levels of uncertainty over the past 20 years. Lower (C) Broadly similar (B) Higher (A) September projections 2 10 7 June projections 1 10 8 2(b): Please indicate your judgment of the risk weighting around your projections. Weighted to downside (C) Broadly balanced (B) Weighted to upside (A) September projections 3 14 2 June projections 4 12 3 Individual Responses Respondent 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2(a) A A B A B B A A B B B B B A 15 B 2(b) B C B B B B B A B B B B B C C Figure 4.D. Uncertainty and Risks - Core PCE inflation 2(a): Please indicate your judgment of the uncertainty attached to your projections relative to levels of uncertainty over the past 20 years. Lower (C) Broadly similar (B) Higher (A) September projections 2 10 7 June projections 2 9 8 2(b): Please indicate your judgment of the risk weighting around your projections. Weighted to downside (C) Broadly balanced (B) Weighted to upside (A) September projections 3 14 7 June projections 4 9 8 Individual Responses Respondent 1 2 3 4 5 6 7 8 9 10 11 12 13 14 2(a) A A B A B B A A B B B B B A B 2(b) B C B B B B B A B B B B B C C Figure 3.A. Distribution of participants' projections for the change in real GDP, 2012-15 and over the longer run 15 Number of Participants Percent range 2012 2013 2014 2015 Longer Run December projections September projections December projections September projections December projections September projections December projections September projections December projections September projections 1.6 - 1.7 13 9 0 0 0 0 0 0 0 0 1.8 - 1.9 5 6 0 0 0 0 0 0 0 0 2.0 - 2.1 1 4 2 0 0 0 0 0 0 0 2.2 - 2.3 0 0 2 2 0 0 0 0 10 7 2.4 - 2.5 0 0 5 6 0 0 1 1 8 10 2.6 - 2.7 0 0 3 2 0 1 0 0 0 1 2.8 - 2.9 0 0 3 1 3 0 2 2 0 0 3.0 - 3.1 0 0 3 6 3 6 2 2 1 1 3.2 - 3.3 0 0 1 1 7 5 1 2 0 0 3.4 - 3.5 0 0 0 1 3 0 7 6 0 0 3.6 - 3.7 0 0 0 0 1 3 4 2 0 0 3.8 - 3.9 0 0 0 0 1 2 1 2 0 0 4.0 - 4.1 0 0 0 0 1 2 0 1 0 0 4.2 - 4.3 0 0 0 0 0 0 1 1 0 0 Note: Definitions of variables are in the general note to table 1. Figure 3.B. Distribution of participants' projections for the unemployment rate, 2012-15 and over the longer run Number of Participants Percent range 2012 2013 2014 2015 Longer Run December projections September projections December projections September projections December projections September projections December projections September projections December projections September projections 5.0 - 5.1 0 0 0 0 0 0 0 0 1 1 5.2 - 5.3 0 0 0 0 0 0 0 0 5 5 5.4 - 5.5 0 0 0 0 0 0 0 0 6 6 5.6 - 5.7 0 0 0 0 0 0 1 1 0 0 5.8 - 5.9 0 0 0 0 0 0 0 0 1 1 6.0 - 6.1 0 0 0 0 1 0 5 5 6 5 6.2 - 6.3 0 0 0 0 1 1 5 3 0 1 6.4 - 6.5 0 0 0 0 1 2 4 2 0 0 6.6 - 6.7 0 0 0 0 0 1 2 2 0 0 6.8 - 6.9 0 0 1 0 4 0 2 6 0 0 7.0 - 7.1 0 0 1 1 7 4 0 0 0 0 7.2 - 7.3 0 0 1 1 3 8 0 0 0 0 7.4 - 7.5 0 0 9 1 2 3 0 0 0 0 7.6 - 7.7 1 0 5 7 0 0 0 0 0 0 7.8 - 7.9 17 0 2 8 0 0 0 0 0 0 8.0 - 8.1 1 7 0 1 0 0 0 0 0 0 8.2 - 8.3 0 12 0 0 0 0 0 0 0 0 Note: Definitions of variables are in the general note to table 1. Figure 3.C. Distribution of participants' projections for PCE inflation, 2012-15 and over the longer run Number of Participants Percent range 2012 2013 2014 2015 Longer Run December projections September projections December projections September projections December projections September projections December projections September projections December projections September projections 1.3 - 1.4 0 0 7 0 2 0 0 0 0 0 1.5 - 1.6 12 2 4 5 5 4 3 0 0 0 1.7 - 1.8 7 15 2 5 3 4 3 4 0 0 1.9 - 2.0 0 2 6 8 8 8 10 12 19 19 2.1 - 2.2 0 0 0 1 1 3 3 2 0 0 2.3 - 2.4 0 0 0 0 0 0 0 1 0 0 Note: Definitions of variables are in the general note to table 1. Figure 3.D. Distribution of participants' projections for core PCE inflation, 2012-14 Number of Participants Percent range 2012 December projections 2013 2014 2015 September projections December projections September projections December projections September projections December projections September projections 0 1.5 - 1.6 14 2 7 2 4 1 0 1.7 - 1.8 5 12 7 8 5 5 7 2 1.9 - 2.0 0 5 5 9 10 11 9 14 2.1 - 2.2 0 0 0 0 0 2 3 2 2.3 - 2.4 0 0 0 0 0 0 0 1 Note: Definitions of variables are in the general note to table 1. Figure 3.E. Distribution of participants' projections for the target federal funds rate, 2012-15 and over the longer run Number of Participants Percent range 2012 2013 2014 2015 Longer Run December projections September projections December projections September projections December projections September projections December projections September projections December projections September projections 0 - 0.37 19 18 17 15 14 13 1 1 0 0 0.38 - 0.62 0 1 1 2 1 0 5 2 0 0 0.63 - 0.87 0 0 0 1 0 0 3 3 0 0 0.88 - 1.12 0 0 1 0 0 0 3 4 0 0 1.13 - 1.37 0 0 0 0 0 0 2 0 0 0 1.38 - 1.62 0 0 0 0 2 2 0 3 0 0 1.63 - 1.87 0 0 0 1 1 2 0 0 0 0 1.88 - 2.12 0 0 0 0 0 0 1 0 0 0 2.13 - 2.37 0 0 0 0 0 0 0 0 0 0 2.38 - 2.62 0 0 0 0 0 1 1 2 0 0 2.63 - 2.87 0 0 0 0 1 0 0 0 0 0 2.88 - 3.12 0 0 0 0 0 1 0 0 1 1 3.13 - 3.37 0 0 0 0 0 0 0 0 0 0 3.38 - 3.62 0 0 0 0 0 0 1 1 1 1 3.63 - 3.87 0 0 0 0 0 0 1 1 3 2 3.88 - 4.12 0 0 0 0 0 0 0 1 5 6 4.13 - 4.37 0 0 0 0 0 0 0 0 6 5 4.38 - 4.63 0 0 0 0 0 0 1 1 3 4 Note: Definitions of variables are in the general note to table 1. Figure 4. Uncertainty and risks in economic projections Uncertainty about GDP growth Number of participants Lower Broadly similar Higher December projections 0 1 18 September projections 0 2 17 Risks to GDP growth Number of participants Weighted to downside Broadly balanced Weighted to upside December projections 13 6 0 September projections 14 5 0 Uncertainty about the unemployment rate Number of participants Lower Broadly similar Higher December projections 0 2 17 September projections 0 2 17 Risks to the unemployment rate Number of participants Weighted to downside Broadly balanced Weighted to upside December projections 0 6 13 September projections 0 6 13 Uncertainty about PCE inflation Number of participants Lower Broadly similar Higher December projections 2 10 7 September projections 1 10 8 Risks to PCE inflation Number of participants Weighted to downside Broadly balanced Weighted to upside December projections 3 14 2 September projections 4 12 3 Uncertainty about core PCE inflation Number of participants Lower Broadly similar Higher December projections 2 10 7 September projections 2 9 8 Risks to core PCE inflation Number of participants Weighted to downside Broadly balanced Weighted to upside December projections 3 14 2 September projections 4 12 3 Note: For definitions of uncertainty and risks in economic projections, see the box "Forecast Uncertainty." Definitions of variables are in the general note to table 1. Figure 5. Scatterplots of projections in the initial year of policy firming (in percent) Year of Firming Change in Real GDP Unemployment Rate 2013 2.5 7.4 2013 3.0 6.9 2014 2.8 7.3 2014 3.2 6.1 2014 3.2 7.0 2015 3.0 6.3 2015 3.1 6.7 2015 3.4 6.2 2015 3.5 5.7 2015 3.5 6.3 2015 3.5 6.5 2015 3.5 6.8 2015 3.6 6.5 2015 3.6 6.5 2015 3.7 6.0 2015 3.7 6.2 2015 3.8 6.1 2015 4.2 6.0 2016 3.4 5.5 Year of Firming Change in Real GDP PCE Inflation 2013 2.5 2.0 2013 3.0 2.0 2014 2.8 2.0 2014 3.2 2.0 2014 3.2 2.0 2015 3.0 2.0 2015 3.1 1.8 2015 3.4 1.6 2015 3.5 1.7 2015 3.5 1.9 2015 3.5 2.0 2015 3.5 2.2 2015 3.6 1.5 2015 3.6 1.9 2015 3.7 1.6 2015 3.7 1.7 2015 3.8 1.9 2015 4.2 2.2 2016 3.4 2.2 Year of Firming Unemployment Rate PCE Inflation 2013 6.9 2.0 2013 7.4 2.0 2014 6.1 2.0 2014 7.0 2.0 2014 7.3 2.0 2015 5.7 2.0 2015 6.0 1.6 2015 6.0 2.2 2015 6.1 1.9 2015 6.2 1.6 2015 6.2 1.7 2015 6.3 1.7 2015 6.3 2.0 2015 6.5 1.5 2015 6.5 1.9 2015 6.5 1.9 2015 6.7 1.8 2015 6.8 2.2 2016 5.5 2.2 Last Update: January 5, 2018
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