Perhaps the one most important, if completely meaningless chart (because it will be revised countless times in the next year and the final outcome will be anything but what the Fed is predicting) that everyone was looking for in today's FOMC forecast materials, is the so-called "dots" - the Fed's estimates of where the Fed Fund's rate will be at the end of 2016. The big picture: the median Fed Funds rate forecast for 2016 was raised from 2.25% to 2.5% which means that preliminary fears about a lowering of the terminal growth rate appear to be, for now at least, overblown.
As for the individual dots, and how they compare to the April statement, here is the chart. For the most part projections went up , hence the increased 2.5% new FF forecast, except what appear to be the uber-dove trio which dragged the lower end lower. To wit: let's all just call the brand new lowered 0.5% dot "Kocherladota".
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More importantly, as we predicted a month ago [3], the Fed just slashed its 2014 GDP "central tendency" forecast from 2.8%-3.0% to 2.1% to 2.3%. And now we wait as stocks soar as one more year is wasted in anticipation of the US economy hitting "escape velocity."
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