Only one rate cut is expected in 2024

The Fed's dot plot shows that the federal funds rate is projected to end 2024 at 5.1%, compared with 4.6% expected in March; the federal funds rate is projected to end 2025 at 4.1%, compared with 3.9% expected in March; the federal funds rate is projected to end 2026 at 3.1%, compared with 3.1% expected in March; and the longer-term federal funds rate is projected to be 2.8%, compared with 2.6% expected in March.