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.

The Federal Reserve held rates steady at the conclusion of its policy meeting Wednesday and stayed with a prediction for two rate cuts in 2025.