Half of the Federal Reserve members now see the first interest rate hike in 2022, according to the central bank's so-called dot plot of projections.
Wednesday's forecast showed nine of the eighteen FOMC members expect a rate hike in 2022. That's up from seven in June's Fed projections.
Additionally, all but one member is expecting at least one rate hike by the end of 2023. Thirteen members are forecasting two rate hikes through 2023.
Every quarter, members of the committee forecast where interest rates will go in the short, medium and long term. These projections are represented visually in charts below called a dot plot.
The Fed also released an updated summary of economic projections.
Source: Federal Reserve