In the June 3 WTR I thought the Summary of Economic Projections for GDP, Unemployment Rate, and PCE inflation wouldn’t change much and that the yearend target rate for the Funds rate would be increased from the March SEP’s 4.6% “The FOMC updates its Summary of Economic Projections (SEP) every 3 three months. The projections for GDP, Unemployment Rate, and PCE inflation might be tweaked up or down by 0.1% from March, so nothing earth shaking. At the March 20 meeting the Median projection of the 19 FOMC members for the Funds rate at the end of 2024 was 4.6%. With the Funds rate at 5.375% (...
