The dots in the 2027 plot are interesting as there were actually 3 members projecting rate cuts to 3.5%-3.75% and one projecting 3-3.25% (!) in 2027 while the rests opined target range to be either 4.00%-4.25% or 4.25%-4.5%. The accompanying SEP projected PCE inflation to fall from 3.7% at end 2026 to 2.3% by end 2027. Should this happen, the dot plots for the later years projected fed fund rates to move towards the mid 3% range by 2029. 🤔
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