Considerable time is very precise for the feds…..
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If you know how many months there are in a “considerable time,” you will know exactly when Janet Yellen and her colleagues on the Federal Reserve Board’s monetary policy committee plan to begin raising interest rates. If not, you can add your guess to those of professional Fed watchers who are predicting the date will fall somewhere between early 2015 to mid-2016.
In fact, the Fed’s adherence to its “considerable time” language is the least interesting news to come out of this week’s Fed meeting. More interesting is the central bank’s latest prediction. The Fed’s economists expect real GDP growth to total 2.1 percent this year, 2.8 percent next year, 2.75 percent in 2016, and 2.4 percent in 2017, before settling into a “longer run” rate of 2.15 percent.