|FOMC to Produce More Economic Projections
The Federal Open Market Committee (FOMC), the monetary policymaking arm of the Federal Reserve, announced in November that, as part of its ongoing commitment to improve the accountability and public understanding of monetary policy making, it will increase the frequency and expand the content of public economic projections made by Federal Reserve Board members and Reserve Bank presidents.
Since 1979, projections of economic growth, unemployment, and inflation have been published semiannually in the Federal Reserve’s Monetary Policy Report to Congress. Summaries of those semiannual projections have also been published in the minutes of FOMC meetings.
Projections will also look farther ahead
Forecasts to gain clarity
The schedule for publication of projections will be approximately quarterly, starting with the minutes of the FOMC meeting of Oct. 30–31, which were released on Nov. 20. In 2008, projections by Fed governors and Reserve Bank presidents will be published with the minutes of the FOMC meetings scheduled for January, April, June, and October. The projections will continue to be described in the semiannual Monetary Policy Report to Congress.
November 29, 2007