Part 4/11:
A key piece of this puzzle is the Fed’s updated dot plot—a forecast reflecting the individual expectations of its 19 policymakers. The median projection indicates that two more 25 basis point rate cuts are expected before the end of 2025. However, the dot plot also shows a lack of consensus: some officials foresee more reductions, while others anticipate fewer or none. This splits suggest that future policy remains highly uncertain, hinging heavily on upcoming economic data.