FOMC participants wrote down their individual assessments of an appropriate path for the federal funds rate based on what each participant judges to be the most likely scenario going forward. If the economy evolves as projected, the median participant projects that the appropriate level of the federal funds rate will be 4.6 percent at the end of this Page 3 of 24 March 20, 2024 Chair Powell's Press Conference FINAL year, 3.9 percent at the end of 2025, and 3.1 percent at the end of 2026, still above the medium median longer-term funds rate. These projections are not a Committee decision or plan; if the economy does not evolve as projected, the path for policy will adjust as appropriate to foster our maximum-employment and price-stability goals