FOMC Summary of Economic Projections

Fed Funds Rate

• 2024: 4.4% (exp. 4.9%, prev. 5.1%)
• 2025: 3.4% (exp. 3.6%, prev. 4.1%)
• 2026: 2.9% (exp. 2.9%, prev. 3.1%)
• 2027: 2.9% (exp. 2.9%)
• Longer run: 2.9% (exp. 2.9%, prev. 2.8%)

GDP

• 2024: 2.0% (exp. 2.1%, prev. 2.1%)
• 2025: 2.0% (exp. 2.0%, prev. 2.0%)
• 2026: 2.0% (exp. 2.0%, prev. 2.0%)
• 2027: 2.0% (exp. 2.0%)
• Longer-run: 1.8% (exp. 1.8%, prev. 1.8%)

Unemployment Rate

• 2024: 4.4% (exp. 4.3%, prev. 4.0%)
• 2025: 4.4% (exp. 4.3%, prev. 4.2%)
• 2026: 4.3% (exp. 4.2%, prev. 4.1%)
• 2027: 4.2% (exp. 4.2%)
• Longer-run: 4.2% (exp. 4.2%, prev. 4.2%)

PCE Inflation

• 2024: 2.3% (exp. 2.4%, prev. 2.6%)
• 2025: 2.1% (exp. 2.2%, prev. 2.3%)
• 2026: 2.0% (exp. 2.0%, prev. 2.0%)
• 2027: 2.0% (exp. 2.0%)
• Longer-run: 2.0% (exp. 2.0%, prev. 2.0%)

Core PCE Inflation

• 2024: 2.6% (exp. 2.7%, prev. 2.8%)
• 2025: 2.2% (exp. 2.2%, prev. 2.3%)
• 2026: 2.0% (exp. 2.0%, prev. 2.0%)
• 2027: 2.0% (exp. 2.0%)