Forging Fed forecast illusions

The Fed's decision to publish board members' forecasts for target federal funds rates may be crossing the point where useful information becomes injurious.

Earlier this week the Federal Reserve board announced plans to do something quite radical. From this month the Fed will release publicly the individual projections of its members for the target federal funds rate for the fourth quarter of the year as well the "next few" years, along with their projections of the likely timing of the first increase in the target rate.

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