3 The SEP provides summary information about the empirical distribution of the individual modal projections at the time of the Federal Open Market Committee (FOMC) meeting submitted by each of the FOMC participants (currently 6 Governors and 12 Reserve Bank presidents).
Each individual submits projections for the modal, or most likely, outcome for each variable in the survey under his or her assessment of the appropriate monetary policy path. 4 Of course, if a participant’s subjective distributions for possible The most recent SEP, released following the conclusion of the June 2021 FOMC meeting, is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.