Quick Take The Fed was somewhat clear with their projections suggesting two further 25 bps rate hikes this year. However, the market is currently pricing in one 25bps hike in July and then holding for the remainder of the year. A chart created by hedge fund project manager, Super_Macro shows the Summary of Economic Projections, most notably a large upward revision to expected growth this year but a downward revision to unemployment. Super Macro further says that 50% of the eighteen officials projected that the fed funds rate would end this year at 5.625%. Summary of economic projections: (Source: Macroscope) Probabilities: (Source: CME)

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