The Federal Reserve's Summary of Economic Projections was changed slightly from the dot plot issued three months ago, with three 25 basis point rate hikes still projected for this year.
But while nine participants see three hikes this year, four expect four hikes and one particpant expects six. two expect no more hikes and one sees one more hike this year.
Federal Open Market Committee participants' current assessment of appropriate monetary policy (as defined as the level picked by the most members) expects a rate between 1.25% and 1.50% at the end of 2017, and between 2 % and 2.25% at the end of 2018. At the end of 2019, one participant sees the rate between 0.75% and 1%, two each see the rate between 2.25% and 2.50%, 2.50% and 2.75%, at 3%, at 3.25%, and between 3.75% and 4%. Three participants see it between 2.75% and 3% and three see it between 3% and 3.25%. Longer term a 3% rate is the expectation of 8 participants, with 5 seeing it at 2.75%.
In December, FOMC participants' assessment of appropriate monetary policy expected a rate between 1.25% and 1.50% at the end of 2017, and between 2.5% and 2.75% at the end of 2019, with a 3% rate longer term. The 2018 was quite spread out with no more than three participants targeting any amount.
