From CNBC:

Federal Reserve Chairman Jerome Powell testifies at a Senate hearing, revealing plans for three interest rate cuts in 2024. The dot plot projects a median Federal funds rate of 4.6%. Updated projections show an improved outlook for economic growth, with real GDP now projected at 2.1% and core PCE inflation at 2.6%. Fed Chair Powell acknowledges inflation challenges but remains focused on gradual decline toward 2%. The dot plot also reveals fewer rate cut predictions for 2024 compared to December, with a median fed funds rate projection for 2025 at 3.9%.



Read more: Fed raises GDP and inflation outlook, while keeping rate cut forecast