However, actual growth in 2011 and early 2012 has turned out to be much weaker than expected, and, as indicated by the dotted red line, private forecasters now anticipate only a modest acceleration in real activity over the next few years. In response to the evolving outlook, the FOMC has progressively added policy accommodation using both of its unconventional tools.
For example, since the federal funds rate target was brought down to a range of 0 to 1/4 percent in December 2008, the FOMC has gradually adjusted its forward guidance about the anticipated future path of the federal funds rate.