See Hess Chung (2015), “The Effects of Forward Guidance in Three Macro Models,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 26). 23  In principle, the federal funds rate in the longer run could also turn out to be lower than currently predicted if inflation were to remain persistently below 2 percent.
We will engage with the industry through groups and forums to finalize the design and features of the service. We hope that these conversations will provide an opportunity for stakeholders to work together to shape the evolution of the U.S. payment system.