In the minutes of its October 2007 meeting, the FOMC introduced its quarterly Summary of Economic Projections (SEP), which included FOMC participants’ projections of key macroeconomic variables such as inflation, gross domestic product (GDP) growth, and the unemployment rate.1 Over time, we  1  Prior to October 2007, FOMC participants provided semiannual projections of nominal and real GDP, unemployment, and core inflation, which were reported in the meeting minutes and in the Monetary Policy Report to the Congress.
(More on this issue) Fee income is now a non-negligible component of banks’ total income and there have been complaints from various quarters that bank charges are on the high side. We decided to set up a Working Group on fees, charges and commissions to study the reasonableness of bank charges relative to the services offered.