Markets are rallying and gold is spiking, right after the Federal Reserve released the long-term interest rate projections of its Governing Board members.

We're reading through the release right now. Here are the points that initially struck us:

• Eleven of 17 Fed officials see the main rate above 0.25% in 2014. That means six still predict that it will be at this exceptionally low level.
• FOMC is not setting a long-run goal for unemployment in this release.
• Most members see monetary policy firming by 2014, with only three thinking it should tighten in 2012.
• Two members don't see FOMC hiking rates until 2016.

Here's a chart showing projections from all members of the Governing Board:

Read the full release here (pdf).

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See Also:

• The New Fed Voters Are Likelier To Back A Push For More Easing
• Here's Why Analysts Don't See The Fed Raising Interest Rates Before 2014
• FEDERAL RESERVE: Check Out The New Charts We'll Use To Present Our Outlook For The Target Fed Funds Rate