Investors misinterpreting Fed officials' tightening forecasts -Plosser
NEW YORK, March 25
NEW YORK, March 25 (Reuters) - A top U.S. Federal Reserve policymaker warned on Tuesday that investors seem to be "misinterpreting" the Federal Open Market Committee's predictions for when interest rates will finally rise.
Philadelphia Fed President Charles Plosser said the projections, published quarterly by the central bank's policy-making committee, "are not forecasts" for the Fed as a whole but reflections of each individual policymaker's expectations of appropriate monetary policy over the next few years.
He added that the fact that the FOMC has lowered its longer- term expectations for U.S. gross domestic product growth over the last few meetings reflects a realization that the economy has suffered longer-term "structural" changes in the wake of the recession. (Reporting by Jonathan Spicer; Editing by Eric Walsh)