FOMC Summary of Economic Projections:

Federal Funds Rate

• 2026: 3.375% (exp. 3.375%, prev. 3.4%)
• 2027: 3.125% (exp. 3.125%, prev. 3.1%)
• 2028: 3.125% (exp. 3.125%, prev. 3.1%)
• Longer Run: 3.125% (exp. 3.125%, prev. 3.0%)

Unemployment Rate

• 2026: 4.4% (exp. 4.4%, prev. 4.4%)
• 2027: 4.3% (exp. 4.2%, prev. 4.2%)
• 2028: 4.2% (exp. 4.2%, prev. 4.2%)
• Longer Run: 4.2% (exp. 4.2%, prev. 4.2%)

PCE

• 2026: 2.7% (exp. 2.6%, prev. 2.4%)
• 2027: 2.2% (exp. 2.2%, prev. 2.1%)
• 2028: 2.0% (exp. 2.0%, prev. 2.0%)
• Longer Run: 2.0% (exp. 2.0%, prev. 2.0%)

Core PCE

• 2026: 2.7% (exp. 2.6%, prev. 2.5%)
• 2027: 2.2% (exp. 2.2%, prev. 2.1%)
• 2028: 2.0% (exp. 2.0%, prev. 2.0%)

GDP

• 2026: 2.4% (exp. 2.2%, prev. 2.3%)
• 2027: 2.3% (exp. 2.0%, prev. 2.0%)
• 2028: 2.1% (exp. 1.9%, prev. 1.9%)
• Longer Run: 2.0% (exp. 1.8%, prev. 1.8%)