The Federal Reserve's revised Summary of Economic Projections (SEP), the so-called dot plot, showed that the median view of the policy rate at end-2023 stood at 5.1%, matching December's projection.

Additional takeaways

"Fed's median view of fed funds rate at end-2024 4.3% (prev 4.1%)."

"Fed's median view of fed funds rate at end-2025 3.1% (prev 3.1%)."

"Fed's median view of fed funds rate in longer run 2.5% (prev 2.5%)."

"Fed policymakers see slower 2023 GDP growth, lower unemployment and less progress on inflation than they saw in December."

"Fed projections imply one more 25-basis-point rate hike this year and 75 bps of rate cuts in 2024."