In conjunction with the Federal Open Market Committee (FOMC) meeting held on June 16–17, 2026, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2026 to 2028 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability *FED: NINE OF 18 FOMC PARTICIPANTS PENCIL IN 2026 RATE HIKE Hawkish dots, and Warsh - as some speculated - did not even submit a dot pic.twitter.com/YKTDn97EgF THE UPDATED DOT PLOT IMPLIES ONE 25-BASIS-POINT RATE HIKE IN 2026, FOLLOWED BY 25-BASIS-POINT RATE CUTS IN BOTH 2027 AND 2028, WHILE GDP GROWTH IS EXPECTED TO SLOW MODESTLY TO 2.2% IN 2026 AND UNEMPLOYMENT IS SEEN AT 4.3%. Fed SEP: Growth Lower, Inflation Higher, Rates Higher for Longer