Seven takeaways from a big day for the Fed.

How the Fed’s projections for future interest rates have evolved

A chart with an animated line that shows the evolution of the federal funds target rate from March 2018 to March 2023. As the line animates, boxes appear that show the range of Federal Open Market Committee members’ projections for future rates. As of March 2023, the target rate is 5 percent. The latest projections show, on average, an increase by the end of 2023 and decreases in subsequent years.