Federal Reserve dot plot interpretation: 2025 median unchanged, but dovish power weakened

The median value of the Fed's March dot plot shows that the Fed expects to cut interest rates twice in 2025 by 25 basis points each, and expects to cut rates twice in 2026 by 25 basis points each, in line with December expectations. However, the number of officials who support no or less rate cuts in 2025 increased, from one to four officials who support no rate cuts, from three to four officials who support one rate cut, from 10 to nine officials who support two rate cuts, and from three to two officials who support three rate cuts.