For those who are interested, here’s how many rate hikes individual members of the US Federal Reserve’s FOMC now see being delivered in 2017, comparing the results to the forecasts offered in December last year.
The table comes courtesy of Samuel Coffin, an economist at UBS (If you divide the expected increase by 25 you get the number of rate hikes expected).
Based on the median FOMC forecast, members see only see three rate hikes this year — the same view offered in December — an outcome that disappointed financial markets who were starting to price in the likelihood of more.
However, as the table shows, the number at the median projection or higher has increased significantly, rising to 14 from just 11 three months earlier.
Just three now have forecasts below the median, compared to six in December.
That implies that more FOMC members are becoming comfortable on the need to tighten policy “gradually” in the remainder of the year.
An interesting development given many have perceived today’s lack of movement in the median projection as a dovish outcome.