Hilsenrath’s four takeaways from the December FOMC meeting

...3. The vast majority of Fed officials don’t expect the central bank to begin raising short-term interest rates until 2015 and three think the Fed won’t get started until 2016.

*majority thinks that rate increases in 2015 will be modest
*and that the benchmark fed funds rate will remain below 1% by the end of 2015
*The majority also expects the fed funds rate to remain below 2% in 2016
*The Fed expects that it likely to keep the fed funds rate near zero “well past” the time when the jobless rate   reaches 6.5%