The FOMC has just released its
macroeconomic projections.

The Fed’s projection range for 2013 real GDP is 1.8% to 2.4%, down from 2.0% to 2.6% in June.

For 2014, the Fed is predicting GDP growth of 2.2% to 3.3%, down from 3.3% to 3.6% in June.

The Fed believes the unemployment rate for 2013 will be 6.9% to 7.3%, better slightly from the June prediction of 6.9% to 7.5%. For 2016, the Fed is predicting an unemployment rate of 5.2% to 6%.

In addition, the Fed stunned market watchers by announcing there will be no taper for the time being.

And here you can see where the Fed will target the federal funds rate going forward (it is currently at 0%-0.25%). In 2016, the Fed will target a rate closer to 2% although there’s no clear consensus.

More charts:

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