Forward guidance: Slides for the US, Jan 2012 – Mar 2017 (updated) Lars E.O. Svensson Stockholm School of Economics Web: larseosvensson.se 1 Department of Economics, Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden, www.sse.edu
25-Jan-2012 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
25-Apr-2012 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 3
20-Jun-2012 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 4
13-Sep-2012 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 5
12-Dec-2012 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 6
20-Mar-2013 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 7
19-Jun-2013 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 8
18-Sep-2013 4 Fed funds rate 3.5 New median dots Market exps's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 9
18-Dec-2013 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 10
19-Mar-2014 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 11
18-Jun-2014 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 12
17-Sep-2014 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 13
17-Dec-2014 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 14
18-Mar-2015 4 Fed funds rate 3.5 New median dots Market exps's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 15
17-Jun-2015 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 16
17-Sep-2015 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 17
16-Dec-2015 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 18
16-Mar-2016 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 19
15-Jun-2016 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 20
21-Sep-2016 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 21
14-Dec-2016 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 22
15-Mar-2017 4 Fed funds rate 3.5 New median dots Market exp's pre-announcement 3 Market exp's post-announcement Old median dots 2.5 2 1.5 1 0.5 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 23
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