Federal Reserve Plays Down Own Forecasts for Rate Rise

The Federal Reserve played down forecasts by some of its own policy makers that interest rates might rise faster than they previously predicted.

“Several participants noted that the increase in the median projection overstated the shift in the projections,” according to minutes of the March 18-19 meeting of the Federal Open Market Committee released today. Some expressed concern the rate forecasts “could be misconstrued as indicating a move by the committee to a less accommodative reaction function.”