*On Wednesday, the Federal Reserve kept interest rates unchanged in a context of rising inflation expectations and economic growth slowdown, although it continues to hint at the possibility of two rate cuts this year. As the market anticipated, which did not expect any measures this week, the Federal Open Market Committee (FOMC) maintained the target range for the benchmark interest rate between 4.25% and 4.5%, a level that has been sustained since December of last year.*

*In addition to the decision on rates, the committee presented the expected “dot plot,” which indicates that two rate cuts could still occur before the end of 2025. However, the committee reduced its projections for cuts in 2026 and 2027 to only one per year, leaving the total expected cuts at four (a cumulative reduction of one percentage point).*

*The dot plot shows that Fed officials still have divergent views on the future of rates. Each point represents the projection of an official. The chart reveals a widely dispersed distribution, with a median projection for the federal funds rate in 2027 of approximately 3.4%.*