January 19, 2017  of Governors the Federal Reserve System Bord ofBoard Governors of the of Federal Reserve System  5  Figure 6  Evolving Estimates of the Long-Run Normal Levels of Real Short-Term Interest Rates and the Unemployment Rate Projected Long-Run Real Short-Term Interest Rates 3.2  Projected Long-Run Unemployment Rate  Percent  6.2  Percent  6.0  2.8  5.8 2.4 5.6 2.0  5.4  1.6  5.2 5.0  1.2 4.8 0.8  Blue Chip Median SEP projection  0.4 2000  Blue Chip Median SEP projection  4.6 4.4  2005  2010  2015  2000  2005  2010  2015  Note: For the Summary of Economic Projections (SEP) medians, real short-term interest rates equal the f ederal f unds rate less inf lation as measured by the price index f or personal consumption expenditures; f or the Blue Chip, they equal the 3-month Treasury bill rate less inf lation as measured by the price index f or gross domestic product.
Source: For Blue Chip data, Blue Chip Economic Indicators, f rom Wolters Kluw er Legal and Regulatory Solutions, various releases; f or the median SEP projections, various SEP releases, available at w w w .f ederalreserve.gov/monetarypolicy/f omccalendars.htm.