Posted 3/20/2024, 7:58:32 PM
Fed Projects Slower Pace of Rate Cuts, Faster Inflation and GDP Growth
- The Fed dot plot shows FOMC members' projections for interest rates, GDP, inflation, and unemployment
- Majority of members expect 3 quarter-point interest rate cuts this year, to 4.6% by end of 2024
- GDP growth estimates revised up - now expect 2.1% GDP growth in 2024
- Inflation projections also revised up, but don't expect 2% target until 2026
- Unemployment rate projected to tick up to 4.1% long run, 4% by end of 2024