Fed’s Musalem: SEP Could Be Improved by Anonymously Mapping Rate Dots to Economic Forecasts

Musalem is pointing at a real limitation of the dot plot: rate dots and economic forecasts are published as separate anonymous distributions, so markets cannot see which growth or inflation path each policymaker paired with their rate view. Linking them anonymously would expose the internal logic of the committee's reaction function without naming names, potentially sharpening how policy expectations are read. Whether the Fed formally revisits the SEP's design is the open question; for now it is a proposal from one regional president, not a change in how projections are released.