The Federal Reserve’s latest dot plot of interest-rate expectations shows a median projection of two rate cuts in 2025, the same as in March. But that continuity masks a subtle but important shift: Fed officials’ internal consensus on rate cuts is weakening.

The Federal Reserve did not cut interest rates, as was expected. With little question over whether the Fed would cut, investors turned their attention to the central bank’s outlook for the future of interest rates.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.