7 This range lines up well with the most recent median estimate of the longer-run federal funds rate in the FOMC SEP,  5  As defined in the FOMC SEP, “Longer-run projections represent each participant’s assessment of the rate to which each variable would be expected to converge under appropriate monetary policy and in the absence of further shocks to the economy.” See the most recent SEP, an addendum to the minutes of the June 2018 FOMC meeting, available in a July 5, 2018, press release on the Board’s website at https://www.federalreserve.gov/newsevents/pressreleases/monetary20180705a.htm.
6 See Powell (2018). 7 See Kiley (2015); Johannsen and Mertens (2016); Holston, Laubach, and Williams (2017); Laubach and Williams (2003) (current estimates available on the Federal Reserve Bank of New York’s website at https://www.newyorkfed.org/medialibrary/media/research/economists/williams/data/Laubach_Williams_cu rrent_estimates.xlsx); Lewis and Vazquez-Grande (2017); and Lubik and Matthes (2015). -4 which is just below 3 percent.