Fed officials lower expectations of rate increases

Federal Reserve chair Janet Yellen
Janet Yellen

Federal Reserve officials expect to raise rates by 50 basis points this year, according to their latest economic projections – half what they forecast in December.

On March 16, the Federal Open Market Committee (FOMC) voted 9–1 to keep the federal funds rate target at 0.25–0.5%. Esther George, Kansas City Fed president, advocated a 25bp hike.

Raising rates in December, the FOMC said the rate increases would likely follow a "gradual" path. The median projection across the 17 governors and

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