Indeed, at our October 2015 meeting, the FOMC had a comprehensive discussion of neutral real interest rates and was impressed by the 4/8  BIS central bankers' speeches  breadth of evidence suggesting that those rates had declined both here and abroad, and that the decline had been going on for some time.
In response to this growing evidence, the median assessment by FOMC participants of the longer-run level of the real federal funds rate fell from 1-3/4 percent in June 2014 to 1-1/2 percent in December 2015 and then to 1 percent in December 2016.