2015 remains the year most members of the Federal Reserve Board members and bank presidents expect monetary policy tightening, according to the Fed's latest summary of economic projections released Wednesday.
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Twelve votes were cast for 2015 being the appropriate time to firm policy, with one vote cast for 2014 and three votes cast for 2016.
The target federal funds rate at the end of this year is seen at 0.25% by 15 members and at 1% by one. For next year, the end of year rate predictions range from 0.25% to 3%, and in 2016, the range is 0.50% to 4.25%.
In the long term, past 2016, the median projection for the fed funds rate target was cut to 3.75% from 4% in the past two surveys.
