Federal Reserve Releases Economic Projections from September Meeting

Why it matters locally: Changes in the federal funds rate and economic projections from the Federal Reserve can influence interest rates on loans for North Dakota's agricultural businesses and energy sector, as well as consumer borrowing costs.

WASHINGTON – The Federal Reserve Board and the Federal Open Market Committee (FOMC) released their updated economic projections following their September 15-16 policy meeting. These projections include forecasts for gross domestic product (GDP) growth, the unemployment rate, inflation, and the federal funds rate. Committee members updated their individual assessments of appropriate monetary policy and economic performance. These assessments form the basis of the summary of economic projections, which the Federal Reserve publishes periodically. The projections provide a snapshot of policymakers' expectations for the economy over the next several years and the longer run. The FOMC uses these projections as part of its deliberations on interest rate policy and other monetary tools. The release of these projections follows each of the FOMC meetings where members update their forecasts. The Federal Reserve communicates these projections to the public to promote transparency regarding its economic outlook and policy decisions.