The changes in the dots thus simply tell us something about individual policymakers reaction to the change in economic conditions. The FOMC statement notes that the Committee will adjust future funds rate decisions based on the progress toward our objectives. So, it is entirely reasonable that the expected path of “appropriate policy” should adjust as we close in on those objectives.
Indeed, it would be surprising if they did not behave in such a manner. I believe that we are closing in on our goals – perhaps faster than some people might think. So, while I supported the recent policy statement, I have growing concerns that we may have to adjust our communications in the not-too-distant future.