Powell Says Rates Unlikely to Rise Before Start of 2022

The transcript discusses the Federal Reserve's stance on interest rates, emphasizing that rates will remain unchanged until three economic conditions are met: a complete labor market recovery, inflation reaching 2% sustainably, and inflation running moderately above 2% for some time. The speaker highlights that projections are individual assessments and not committee forecasts, cautioning against over-reliance on the dot plot. It is deemed highly unlikely that interest rates will increase before 2022, focusing instead on economic outcomes.

What does the term 'dot plot' refer to in the context of the committee's projections?

Why is it stated that raising interest rates before 2022 is highly unlikely?