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FOMC Summary of Economic Projections

In conjunction with the Federal Open Market Committee (FOMC) meeting held on
June 17–18, 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 2027 and over the longer run. Each participant’s
projections were based on information available at the time of the meeting, together
with her or his 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. 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.