SEP = Summary of Economic Projections

The Fed’s SEP sheds light on the central bank’s expectations for economic growth, inflation, employment, and interest rates.

It is a quarterly report published by the Federal Reserve. It compiles the economic forecasts of the members of the FOMC, the panel responsible for setting U.S. monetary policy.

The SEP includes projections for key economic indicators such as GDP growth, unemployment rate, inflation, and the expected path of the federal funds rate over the next few years and in the longer run.