Don't Forget About The Dots ...

The Federal Reserve's last monetary policy announcement of the year is set for release at 2:00 pm ET on Wednesday.

The release is also followed by a 2:30 pm ET press conference from Fed chair Janet Yellen and accompanied by the Fed's latest summary of economic projections.

The SEP contains the GDP and inflation outlooks from FOMC members, and also includes the famous "dot plot."

The "dot plot" shows FOMC members' median projection for interest rates at the end of the next three years, as well as over the long term. 

Yellen has stressed in the past that the "dot plot" is not a policy tool, but merely reflects what FOMC members think about the future course of interest rates. 

The "dot plot" is also a median projection from FOMC members, and so it isn't clear what the range of expected interest rates are from various Committee members. 

We'll have a lot to digest this afternoon, including an updated dot plot.

Here's what the dots looked in September.