Definition
The Fed's quarterly set of forecasts from each policymaker for growth, unemployment, inflation and interest rates.
The story
It's released four times a year, at the March, June, September and December meetings, and includes the dot plot of rate expectations. Individual forecasts aren't identified by name, and the projections can change a lot from one quarter to the next.
Why markets watch it
Markets compare the SEP with their own pricing to see whether the Fed is more or less hawkish than expected.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms