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The Federal Reserve raised its benchmark interest rate to a range of 3.5% to 3.75%.
Nine members of the Federal Open Market Committee project at least one rate increase in the current year, while nine members project no moves or a rate cut.
The Federal Reserve's policy statement concludes with the assertion that 'The committee will deliver price stability,' notably omitting a reference to its employment mandate.
The Federal Reserve significantly increased its headline PCE inflation forecast for the current year to 3.6%, up from 2.7% in its March projection.
The Federal Reserve increased its core PCE inflation forecast for the current year to 3.3%, up from 2.7% in its March projection.
Diane Swonk of KPMG expects the Federal Reserve to implement two interest rate hikes by the end of the year.
The Federal Reserve's median dot plot projects one interest rate cut in 2027 and one interest rate cut in 2028.
Of the nine FOMC members projecting a rate increase in the current year, six of them foresee two moves.
The Federal Reserve's median dot plot for the current year moved up to 3.75% from a previous 3.375%.
It is speculated that Federal Reserve Chairman Kevin Warsh did not submit a dot for the 2026 projections, as only 18 dots were submitted from the 19-member committee.
The Federal Reserve removed the 'balance of risks' assessment from its policy statement.
The Federal Reserve projects GDP for the current year at 2.2%, a downward revision of 0.2% from its March projection.