The “dot plot,” part of the FOMC’s Summary of Economic Projections released along with the policy decision statement, shows where each participant in the meeting thinks the Fed funds rate should be at the end of the year for the next few years and in the longer run. The Fed releases those predictions in a chart that includes a dot for each of the members at their target interest rate level for each time period. The median FOMC member forecasts rates between 1.25% and 1.5% at the end of 2017. With rates increasing to 1-1.25% at the June meeting, that suggests one further rate hike this year, before gradually moving to around 3% in the longer term. Here’s the June dot plot, with the March plot for comparison. Notably, only 16 of the 17 FOMC members included their projections in the June plot, with two members abstaining from including a longer-run projection. (Source: Business Insider)