The Federal Reserve Board and Federal Open Market Committee have released economic projections from the September 15-16 FOMC meeting. The projections, which are based on the views of FOMC participants, provide a range of possible outcomes for the US economy. According to the projections, there is a 70% probability that real gross domestic product (GDP) will expand within a range of 1.6 to 4.4% in the current year, 1.2 to 4.8% in the second year, 0.9 to 5.1% in the third year, and 0.7 to 5.3% in the fourth year. The corresponding 70% confidence intervals for overall inflation are 1.0 to 3.0% in the current year, 0.3 to 3.7% in the second year, 0.2 to 3.8% in the third year, and 0.3 to 3.7% in the fourth year. The projections also include a range of possible outcomes for the federal funds rate, which is subject to considerable uncertainty. The uncertainty arises primarily because each participant's assessment of the appropriate stance of monetary policy depends on the evolution of real activity and inflation over time. The Federal Reserve uses these projections to inform discussions of monetary policy among policymakers and to aid public understanding of the basis for policy actions. However, the projections are subject to considerable uncertainty, and the future path of the economy can be affected by unforeseen developments and events. The Federal Reserve also releases fan charts that illustrate the confidence bounds for GDP growth, the unemployment rate, and inflation. These charts provide a visual representation of the uncertainty surrounding the projections. The fan charts are symmetric and centered on the medians of FOMC participants' projections, but in some instances, the risks around the projections may not be symmetric. The Federal Reserve also provides judgments as to whether the uncertainty attached to their projections of each economic variable is greater than, smaller than, or broadly similar to typical levels of forecast uncertainty seen in the past 20 years. The projections and fan charts are available on the Federal Reserve's website. The Federal Reserve releases economic projections four times a year, in conjunction with the FOMC meetings. The projections provide a snapshot of the US economy and are used to inform monetary policy decisions. The Federal Reserve uses a range of tools, including interest rates, forward guidance, and asset purchases, to achieve its dual mandate of maximum employment and price stability. The economic projections are an important part of the Federal Reserve's monetary policy framework, and they provide valuable insights into the likely future path of the US economy. The projections are based on the views of FOMC participants and are subject to a high degree of uncertainty. However, they provide a useful framework for understanding the potential risks and opportunities facing the US economy. The Federal Reserve will continue to monitor the economy and adjust its monetary policy stance as needed to achieve its dual mandate. The economic projections will be updated at the next FOMC meeting, which is scheduled to take place in December 2026. The Federal Reserve will also release new fan charts and other materials to provide additional insights into the US economy. The economic projections and fan charts are available on the Federal Reserve's website, and they provide a valuable resource for investors, policymakers, and other stakeholders. The Federal Reserve's monetary policy framework is designed to promote maximum employment and price stability, and the economic projections play a critical role in this framework. The projections provide a snapshot of the US economy and are used to inform monetary policy decisions. The Federal Reserve will continue to monitor the economy and adjust its monetary policy stance as needed to achieve its dual mandate.