Four times a year, before the March, June, September, and December FOMC meetings, Board members and Reserve Bank presidents submit their own projections for real gross domestic product (GDP) growth, the unemployment rate, inflation, and the Committee’s policy rate target, the federal funds rate.
However, the flexible nature of these swap lines generates a significant degree of uncertainty for potential recipient countries because it is at the discretion of the issuing central banks. The second layer is regional financial safety nets.