Gloomy tales http://www.ucheducationcentre.org/spellbound-2-hd-slots/ spellbound slot  All of the participants who saw the first tightening in either 2015 or 2016 judged that the appropriate level of the federal funds rate at the end of 2016 would still be below their individual assessment of its expected longer-run value. In contrast, the three participants who saw the first tightening in 2014 believed that the appropriate level of the federal funds rate at the end of 2016 would be at their assessment of its longer-run level, which they viewed as either at or just above 4 percent. Among all participants, estimates of the longer-run target federal funds rate ranged from 3-1/4 to about 4-1/4 percent, reflecting the Committee's inflation objective of 2 percent and participants' individual judgments about the appropriate longer-run level of the real federal funds rate in the absence of further shocks to the economy.