New Faces Behind Fed Dots Seen Roiling Markets as Forecasts Move

Turnover among Federal Reserve policy makers gives investors more reason to heed Chair Janet Yellen’s advice: don’t pay too much attention to officials’ interest-rate forecasts.

Two central bankers will leave the Fed this month, and three are poised to join before the June 17-18 meeting of the Federal Open Market Committee, when the next set of quarterly forecasts will be released. As a result, median projections for growth, unemployment and the benchmark interest rate could shift for reasons that have little do with the economic outlook.