Source: U.S. Federal Open Market Committee
Release: Summary of Economic Projections
The projections for the federal funds rate are the value of the midpoint of the projected appropriate target range for the federal funds rate or the projected appropriate target level for the federal funds rate at the end of the specified calendar year or over the longer run. Each participant's projections are based on his or her assessment of appropriate monetary policy. The range for each variable in a given year includes all participants' projections, from lowest to highest, for that variable in the given year. This series represents the median value of the range forecast established by the Federal Open Market Committee. For each period, the median is the middle projection when the projections are arranged from lowest to highest. When the number of projections is even, the median is the average of the two middle projections.
Digitized originals of this release can be found at https://fraser.stlouisfed.org/publication/?pid=677.
U.S. Federal Open Market Committee and Federal Reserve Bank of St. Louis, FOMC Summary of Economic Projections for the Fed Funds Rate, Median [FEDTARMD], retrieved from ALFRED, Federal Reserve Bank of St. Louis; https://alfred.stlouisfed.org/series?seid=FEDTARMD, May 14, 2021.
Source: Federal Reserve Bank of New York
Release: Federal Funds Data
The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises.
The effective federal funds rate (EFFR) is calculated as a volume-weighted median of overnight federal funds transactions reported in the FR 2420 Report of Selected Money Market Rates.
For more information, see https://www.newyorkfed.org/markets/obfrinfo
Federal Reserve Bank of New York, Effective Federal Funds Rate [EFFR], retrieved from ALFRED, Federal Reserve Bank of St. Louis; https://alfred.stlouisfed.org/series?seid=EFFR, May 14, 2021.