According to the so-called forecast dot plot of the Fed, most Fed believe that they will raise interest rates three times in 2022.

Forecasts on Wednesday showed that 12 FOMC members expect to raise interest rates at least three times next year. Five members are expected to raise interest rates twice in 2022 and one member is expected to raise interest rates once.

This is higher than the September forecast, where half of the Fed members believe that interest rates will be raised at least once in 2022.

Every quarter, committee members predict interest rate trends in the short, medium and long term. These projections are visually represented in a chart called dot plot below.

Compared with the March meeting of the FOMC, the “long-term” point remains the same.

According to a summary of economic forecasts released on Wednesday, the Fed also lowered this year’s GDP project.

The central bank now expects real GDP to grow by 5.5% in 2021, which is lower than the 5.9% growth it estimated at the September meeting. The Federal Reserve raised its GDP growth forecast for 2022 from 3.8% to 4.0%. The central bank lowered its GDP forecast for 2023 to 2.2%, which is lower than the forecast of 2.5% growth in 2023 in September.