Like Jon, I do not think of the dot plot as a useful predictor of near-term policy moves. But that is not to say that the dot plot is without value. Indeed, changes in the SEP and the dot plot over time have been quite revealing about the evolution of policymakers’ views about the path of policy.
3  Excerpts from Mr. Tarapore’s address at the Gold Banking Seminar of the World Gold Council, New Delhi, August 2, 1997. BIS Review 85/2008  5  EMEs are emerging from one state to another, namely, from less market orientation to greater market orientation, and are thus, in a state of transition.