Federal Reserve policymakers present a quarterly economic forecast today as part of a new effort toward transparency intended to reassure consumers and investors that they will be able to borrow cheaply well into the future.
The Fed forecast will show where members of the policy committee expect short-term interest rates to be at the end of each of the next three years. And it will signal when each member expects the first rate hike to occur.
Some economists say it could lead to further Fed action to try to invigorate the economy.
Many private economists expect the forecasts will show the Fed is unlikely to increase the rate before 2014.
The Fed will offer the views of those officials at the conclusion of its two-day meeting. Fed Chairman Ben Bernanke will discuss the forecasts and Fed policy at a news conference after today's meeting.