Mester favours ‘error band’ around FOMC projections
This would reflect the uncertainty the committee is grappling with, Cleveland Fed president says
Federal Reserve Bank of Cleveland president Loretta Mester is in favour of providing "some type of error band" around Federal Open Market Committee (FOMC) projections, she said on May 12.
The FOMC does not publish a consensus forecast, but does provide a quarterly summary of the individual projections of each committee participant. This includes median growth, unemployment, inflation and interest rates.
This report also provides the range of projections among committee participants, but no
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