US DATA: Fed SEP econ projections downgraded 2012 slightly, now seen
+1.7-2% real GDP vs June est of +1.9-2.4%. But they upgraded ’13-14 and
added projections out to ’15 (+3-3.8%, same as in ’14). Twelve
participants’ ests now put appropriate policy firming time in 2015 (one
in ’12, prob Lacker; 3 in ’13; 2 in ’14 and 1 in ’16). Approp pace of
firming is to as much as 4.5% FF rate at yr-end’15. Full details are
on the MNI Main wire.