• Fed projects median federal funds rate at 4.625% for end-2025 (down from 5.125% in September)
• GDP growth forecast raised to 2.1% in 2025 (vs 1.5% prior) and 2.0% in 2026
• Unemployment rate seen at 4.1% in 2025 (unchanged from September) and 4.0% in 2026
• PCE inflation projected at 2.4% in 2025 (down from 2.8% prior) and 2.2% in 2026