Bank Directors Seminar, Coeur d'Alene, ID, September 15-17, 2019

Fed Funds Rate: FOMC Projections

3.5

3

Median FOMC Projection

2.5

2

Shaded Area = Range of FOMC Projections

1.5

1

Fed Funds Rate, Percent

0.5

0

Aug- 19

Dec- 19

Dec- 20

Dec- 21

Long Run

45

Fed Funds Rate: FOMC Projections vs. Market Expectations

3.5

3

Median FOMC Projection

2.5

2

Shaded Area = Range of FOMC Projections

1.5

1

Fed Funds Rate, Percent

Market Expectations

0.5

0

Aug- 19

Dec- 19

Dec- 20

Dec- 21

Long Run

46