FOMC Dot Plot & Summary of Economic Projections (SEP) — September 2025

In conjunction with the Federal Open Market Committee (FOMC) meeting held on September 16-17, 2025, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2025 to 2028 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, along with their assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes.

author: Economician

category:economy

Summary of Economic Projections

The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy their individual interpretation of the statutory mandate to promote maximum employment and price stability.