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Federal Reserve officials signaled Wednesday that they now see the economy requiring higher interest rates than previously thought to tame inflation., they pared back expected rate cuts in the following years and slightly raised their expectations for their benchmark policy rate over the longer run.
In December, the median of those projections was for the Fed funds rate to be around 4.6 percent at the end of this year. That is the equivalent of 75 basis points of cuts, or three quarter point cuts. The median projection for the end of 2026 climbed to 3.1 percent from 2.9 percent. The central tendency now runs from 2.6 percent to 3.4 percent, up from 2.5 percent to 3.1 percent. The full range of projections was unchanged at 2.4 percent to 4.9 percent.
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