Eighteen dots are used on the federal reserve's dot-plot to display the interest rate projections of its committee members. The group, known as the Federal Open Markets Committee or FOMC, meets several times a year to discuss its short-term interest rate projections. On June 15th and 16th, the committee met, and markets reacted.

In this episode, we discuss; How the Fed uses the FOMC dot-plot to gather consensus, Why market participants watch FOMC projections, and our view on the Fed talking-about-thinking-about changing interest rates in a couple of years.

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