The Federal Reserve still sees just one rate cut in 2026, unchanged from its last forecast about three months ago.

The central bank's so-called dot plot , which anonymously shows 19 individual members' expectations, indicates a median estimate of 3.4% for the federal funds rate at the end of 2026, a quarter point lower than the current range between 3.5%-3.75%. The forecast is the same from its projection from last quarter.

The Fed on Wednesday cut its key overnight borrowing rate by a quarter percentage point, marking its third reduction of 2025.

Here are the Fed's latest targets from 19 FOMC members, both voters and nonvoters:

The Fed's 2026 rate outlook was the most crucial data point traders were focused on as the central bank has become increasingly divided. There were thr

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