Cadence Research · Reviewed 2026-07-30
What is the Summary of Economic Projections?
The Summary of Economic Projections, often called the SEP, is a quarterly Federal Reserve release containing FOMC participants' projections for growth, unemployment, inflation, and the appropriate policy rate. It is published alongside certain FOMC decisions. The SEP provides a range of individual views and is not the same thing as a formal committee forecast or policy commitment.
Why it matters
The SEP shows how participants' economic assumptions and policy-rate views fit together. It can provide context for the written statement, which is usually much shorter.
How it appears in official communication
The release includes tables of central tendency and range, along with the dot plot. Reading changes in inflation, unemployment, and rate projections together is more informative than focusing on one number.
A common misunderstanding
The SEP does not tell the public what the FOMC will definitely do. It records participants' views at one point in time under their individual assumptions.
Explore the live record
Related guides
Primary sources
- Summary of Economic Projections (Federal Reserve)
- Monetary Policy: What are its goals? (Federal Reserve)
How Cadence handles AI-generated scoring and methodology
The Cadence Brief
The one number that moved central bank pricing — delivered each weekday morning.