Nearly one-third of Federal Open Market Committee members expect the next policy firming to be in 2014, with almost as many seeing the first tightening in 2015, according to projections released Wednesday by the Fed.
The anonymous projections show the most popular choice for the next policy tightening was 2014, with five of the 17 members predicting a rate hike that year. Four felt that it would be 2015 before monetary policy would change. Two expect the rates to be held until 2016. On the other side, three members each predicted tightening in 2012 and 2013.