Fed to Remove ‘Considerable Time’: FOMC Survey

Federal Reserve officials are gearing up for a 2015 interest rate increase by dropping the "considerable time" language from their statement and replacing it with a different term, according to 68 percent of 56 economists in a Bloomberg News survey. Once the central bank raises interest rates, it will continue doing so at every other meeting, according to a majority of economists surveyed.

While inflation won’t show three consecutive months of 2-percent-or-higher readings until at least the first quarter of 2016, according to 73 percent of economists surveyed, the Fed will place more emphasis on its employment mandate and raise the Federal funds rate anyway, a majority of economists said. Following are the results of the most recent survey, conducted Dec. 10-12. Click here for a table comparing this survey’s results to past surveys.