With equilibrium real interest rates likely to remain low for some time and policy options that are more limited if conditions deteriorate than if they accelerate, risk-management considerations counsel a stance of waiting to see if the risks to the outlook diminish.
9  See “Figure 3.E, Distribution of Participants’ Judgments of the Midpoint of the Appropriate Target Range for the Federal Funds Rate or the Appropriate Target Level for the Federal Funds Rate, 2015–18 and over the Longer Run,” in the Summary of Economic Projections, addendum to the minutes of the September 2015 FOMC meeting (PDF), released October 8, 2015.