The Fed signaled it would lower interest rates two more times this year after slashing its benchmark federal funds rate by 50 BPS to a range of 4.75%-5.0% Wednesday.
Fed officials see the fed funds rate coming down to 4.4% in 2024.
Next year, the majority of officials see the fed funds rate hitting 3.4%, lower than the 4.1% anticipated in its prior forecast. That suggests four additional rate cuts to come in 2025.