• Fed's median dot-plot projects 3 rate cuts in 2026 (vs. 4 in December), with terminal rate at 4.1%
• 2026 GDP growth forecast raised to 2.1% from 1.8%; unemployment rate seen at 4.0% (unchanged)
• PCE inflation outlook for 2026 trimmed to 2.2% from 2.4% (core: 2.3% vs. 2.5%)