The longer-run projections are the rates of growth, inflation, and unemployment to which a policymaker expects the economy to converge over time in the absence of further shocks and under appropriate monetary policy. Because appropriate monetary policy, by definition, is aimed at achieving the Federal Reserve's dual mandate of maximum employment and price stability in the longer run, policymakers' longer-run projections for economic growth and unemployment may be interpreted, respectively, as estimates of the economy's longer-run potential growth rate and the longer-run normal rate of unemployment; similarly, the longer-run projection of inflation is the rate of inflation which the FOMC judges to be most consistent with its dual mandate in the longer-term.
Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of each year. Each participant's projections are based on his or her assessment of appropriate monetary policy. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. This series represents the midpoint of the range forecast's high and low values established by the Federal Open Market Committee.
Digitized originals of this release can be found at http://fraser.stlouisfed.org/publication/?pid=677.
Release: Summary of Economic Projections
Federal Reserve Bank of St. Louis and US. Federal Open Market Committee, Longer Run FOMC Summary of Economic Projections for the Civilian Unemployment Rate, Range, Midpoint [UNRATERMLR], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/UNRATERMLR/, November 25, 2015.