The Federal Reserve cut interest rates on Wednesday by half a percentage point, an unusually large move and a clear signal that central bankers think they are winning their war against inflation and are turning their attention to protecting the job market.
– Jeanna Smialek writing for the New York Times
The federal funds rate now stands at 4.9%. The dot plot shows the average projection for the end of 2024 to be 4.4%, and for the end of 2025, 3.4%.
Graphic from the New York Times