The Federal Open Market Committee's Summary of Economic projections calls for one more rate hike in 2017, according to projections released Wednesday.

The dot plot expects a fed funds rate of 1.25% to 1.50% at the end of the year, which would translate into a rate hike in December, the same as the SEP predicted in June.

The expectations for next year were also unchanged, with a 2.00 to 2.25% rate at the end of 2018.

Four of the 11 members wanted no more rate hikes this year, unchanged from June’s numbers, while one member wanted two hikes this year, down from four in the last SEP. The longer term rate would is now at a median of 2.75%, down from the 3% expected in the last Sep.

Federal Reserve Chair Janet Yellen.
Federal Reserve Chair Janet Yellen. Bloomberg News

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.