The Federal Open Market Committee (FOMC) left rates unchanged on Wednesday. The FOMC released its quarterly dot plot forecast, showing where individual committee members' assessment rates should land in the coming years.
"The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance," the statement said. "The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of its goals, the Committee maintained the target range for the federal funds rate at 5-1/4 to 5-1/2 percent."
On the news, indexes climbed after holding unchanged. The $S&P 500 Index (.SPX.US)$ 0.30% $Dow Jones Industrial Average (.DJI.US)$ climbed 0.37%. The $Nasdaq Composite Index (.IXIC.US)$ climbed 0.52%.
According to the dot plot projection, policymakers see the median Federal Funds at 4.6 at year's end, compared to the current target of 5.25-5.5.
Shortly after 2 p.m., the FOMC released its statement. It said that in pursuit of returning to the target two percent inflation rate, it would closely monitor data before making a rate cut decision.