THE FED'S NEW PROJECTIONS NOW IMPLY A RATE HIKE IN 2026 🇺🇸 The median official sees the fed funds rate at 3.8% by year-end, up from 3.4% in March. The new dot plot path: - 2026: 25 bps of hikes - 2027: 25 bps of cuts - 2028: another 25 bps of cuts The reason is inflation. Officials now see end-2026 PCE at 3.6%, up from 2.7% in March. Core PCE is seen at 3.3% versus 2.7%. They no longer expect inflation back at the 2% target until 2028. Other projections versus March: - End-2027 median rate: 3.6% (prev 3.1%) - End-2028 median rate: 3.4% (prev 3.1%) - Longer-run rate: 3.1% (unchanged) - 2026 unemployment: 4.3% (prev 4.4%) - 2026 GDP growth: 2.2% (prev 2.4%) Only 18 of 19 policymakers submitted projections. WOLF: JUST IN: THE FEDERAL RESERVE HOLDS INTEREST RATES STEADY AT 3.50-3.75% 🇺🇸 The vote was unanimous. From the statement: - Inflation remains elevated relative to the 2% goal, in part reflecting supply shocks that have raised prices in certain sectors, including energy - Economic