(Bloomberg) — The Federal Reserve’s so-called dot plot, which the US central bank uses to signal its outlook for the path of interest rates, shows the median year-end projection for the federal funds rate moved up to 3.4%. The estimate for the end of 2023 was boosted to near 3.8%. The Fed on Wednesday raised its benchmark rate by 75 basis points in an effort to tame the hottest inflation in 40 years.

Most Read from Bloomberg

• Americans Are Building Vacation-Home Empires With Easy-Money Loans

• China Alarms US With Private Warnings to Avoid Taiwan Strait

• Volatility Grips Stocks as Treasury Yields Surge: Markets Wrap

• Biden’s ‘Never Been More Optimistic’ Despite Troubled US Economy

• Stocks’ Pandemic Bull Run Ends With Recession Fear: Markets Wrap

Most Read from Bloomberg Businessweek

• A Billion-Dollar Crypto Gaming Startup Promised Riches and Delivered Disaster

• A Parisian General Store’s Radical Message for Its Customers? Buy Less

• A Ragtag Band of Hackers Is Waging Cyberwar on Putin’s Supply Lines

• Amazon and Spotify Boost Podcast Offerings, and Audiences Soar

• Mexican Biologists Aim to Save Hummingbirds With Wildflowers

©2022 Bloomberg L.P.