Dot plot, Sep 16, 2026
Each dot is one participant’s view of the midpoint of the appropriate target range for the federal funds rate at the end of each year. Projections are individual views, not a Committee forecast or commitment.
Medians against the previous projections
| Horizon | Sep 2026 | Jun 2026 | Change | Projections |
|---|---|---|---|---|
| End of 2026 | 4.125% | 3.75% | +38 bp | 18 |
| End of 2027 | 4.125% | 3.625% | +50 bp | 18 |
| End of 2028 | 3.875% | 3.375% | +50 bp | 17 |
| End of 2029 | 3.625% | – | – | 17 |
| Longer run | 3.25% | 3.0625% | +19 bp | 18 |
Every median since 2015
| Projections | This year | Next year | Year after | Longer run |
|---|---|---|---|---|
| Sep 16, 2026 | 4.125% (2026) | 4.125% (2027) | 3.875% (2028) | 3.25% |
| Jun 17, 2026 | 3.75% (2026) | 3.625% (2027) | 3.375% (2028) | 3.0625% |
| Mar 18, 2026 | 3.375% (2026) | 3.125% (2027) | 3.125% (2028) | 3.125% |
| Dec 10, 2025 | 3.625% (2025) | 3.375% (2026) | 3.125% (2027) | 3.00% |
| Sep 17, 2025 | 3.625% (2025) | 3.375% (2026) | 3.125% (2027) | 3.00% |
| Jun 18, 2025 | 3.875% (2025) | 3.625% (2026) | 3.375% (2027) | 3.00% |
| Mar 19, 2025 | 3.875% (2025) | 3.375% (2026) | 3.125% (2027) | 3.00% |
| Dec 18, 2024 | 4.375% (2024) | 3.875% (2025) | 3.375% (2026) | 3.00% |
| Sep 18, 2024 | 4.375% (2024) | 3.375% (2025) | 2.875% (2026) | 2.875% |
| Jun 12, 2024 | 5.125% (2024) | 4.125% (2025) | 3.125% (2026) | 2.75% |
| Mar 20, 2024 | 4.625% (2024) | 3.875% (2025) | 3.125% (2026) | 2.5625% |
| Dec 13, 2023 | 5.375% (2023) | 4.625% (2024) | 3.625% (2025) | 2.50% |
| Sep 20, 2023 | 5.625% (2023) | 5.125% (2024) | 3.875% (2025) | 2.50% |
| Jun 14, 2023 | 5.625% (2023) | 4.625% (2024) | 3.375% (2025) | 2.50% |
| Mar 22, 2023 | 5.125% (2023) | 4.25% (2024) | 3.125% (2025) | 2.50% |
| Dec 14, 2022 | 4.375% (2022) | 5.125% (2023) | 4.125% (2024) | 2.50% |
| Sep 21, 2022 | 4.375% (2022) | 4.625% (2023) | 3.875% (2024) | 2.50% |
| Jun 15, 2022 | 3.375% (2022) | 3.75% (2023) | 3.375% (2024) | 2.50% |
| Dec 15, 2021 | 0.125% (2021) | 0.875% (2022) | 1.625% (2023) | 2.50% |
| Sep 22, 2021 | 0.125% (2021) | 0.25% (2022) | 1.00% (2023) | 2.50% |
| Jun 16, 2021 | 0.125% (2021) | 0.125% (2022) | 0.625% (2023) | 2.50% |
| Mar 17, 2021 | 0.125% (2021) | 0.125% (2022) | 0.125% (2023) | 2.50% |
| Dec 16, 2020 | 0.125% (2020) | 0.125% (2021) | 0.125% (2022) | 2.50% |
| Sep 16, 2020 | 0.125% (2020) | 0.125% (2021) | 0.125% (2022) | 2.50% |
| Jun 10, 2020 | 0.125% (2020) | 0.125% (2021) | 0.125% (2022) | 2.50% |
| Dec 11, 2019 | 1.625% (2019) | 1.625% (2020) | 1.875% (2021) | 2.50% |
| Sep 18, 2019 | 1.875% (2019) | 1.875% (2020) | 2.125% (2021) | 2.50% |
| Jun 19, 2019 | 2.375% (2019) | 2.125% (2020) | 2.375% (2021) | 2.50% |
| Mar 20, 2019 | 2.375% (2019) | 2.625% (2020) | 2.625% (2021) | 2.75% |
| Dec 19, 2018 | 2.375% (2018) | 2.875% (2019) | 3.125% (2020) | 2.75% |
| Sep 26, 2018 | 2.375% (2018) | 3.125% (2019) | 3.375% (2020) | 3.00% |
| Jun 13, 2018 | 2.375% (2018) | 3.125% (2019) | 3.375% (2020) | 2.875% |
| Mar 21, 2018 | 2.125% (2018) | 2.875% (2019) | 3.375% (2020) | 2.875% |
| Dec 13, 2017 | 1.375% (2017) | 2.125% (2018) | 2.6875% (2019) | 2.75% |
| Sep 20, 2017 | 1.375% (2017) | 2.125% (2018) | 2.6875% (2019) | 2.75% |
| Jun 14, 2017 | 1.375% (2017) | 2.125% (2018) | 2.9375% (2019) | 3.00% |
| Mar 15, 2017 | 1.375% (2017) | 2.125% (2018) | 3.00% (2019) | 3.00% |
| Dec 14, 2016 | 0.625% (2016) | 1.375% (2017) | 2.125% (2018) | 3.00% |
| Sep 21, 2016 | 0.625% (2016) | 1.125% (2017) | 1.875% (2018) | 2.875% |
| Jun 15, 2016 | 0.875% (2016) | 1.625% (2017) | 2.375% (2018) | 3.00% |
| Mar 16, 2016 | 0.875% (2016) | 1.875% (2017) | 3.00% (2018) | 3.25% |
| Dec 16, 2015 | 0.375% (2015) | 1.375% (2016) | 2.375% (2017) | 3.50% |
| Sep 17, 2015 | 0.375% (2015) | 1.375% (2016) | 2.625% (2017) | 3.50% |
| Jun 17, 2015 | 0.625% (2015) | 1.625% (2016) | 2.875% (2017) | 3.75% |
| Mar 18, 2015 | 0.625% (2015) | 1.875% (2016) | 3.125% (2017) | 3.75% |
Source: Federal Reserve, Summary of Economic Projections · source. The March 2020 projections were not published.