The Federal Reserve on Wednesday dialed up its economic growth expectations but signaled that there are no expected interest rate hikes for the next two years.
The so-called dot-plot projections budged little, with most members still expecting to keep rates near zero through 2023.
Four of the 18 Federal Open Market Committee members were looking for a rate hike at some point in 2022, compared with just one at the December meeting. For 2023, seven members see a rate increase, compared with five in the December forecast. As the chart shows, a strong majority forecast no hikes until the “longer run.”
