At the recently concluded Federal Open Market Committee meeting, the Fed released its projections of short-term interest rates. Eight FOMC participants expect the fed funds rate to land at 4.125% and nine at 4.375% this year. With Wednesday's 75-basis-point hike, the rate's currently targeted at 3% to 3.25%.
Looking to next year, participants were split, projecting a 4.375%, 4.625% and 4.875% rate. There was one member that anticipates a 3.875% rate.