The Federal Open Market Committee plans to add median values for quarterly projections on interest rates and economic data, according to minutes of the July 28-29 meeting.
The midpoint values, proposed by a communications subcommittee, would “provide a more robust summary measure” of the FOMC participants’ views, the report said. The committee unanimously supported the idea, though stressed the medians shouldn’t be viewed as a collective committee forecast.
In June, Federal Reserve officials maintained their forecast for the benchmark interest rate at the end of this year while cutting it for 2016. The federal funds rate will be 0.625 percent at the end of 2015, according to the median estimate in the quarterly Summary of Economic Projections.