For example, this week’s dot plot showed that 9 of the 17 thought the appropriate Fed funds range by the end of 2016 would be the range between 0.75% and 1.0%. They called that the median.

In Wednesday’s dot plot, eight officials penciled in two cuts, seven had one cut, and four predicted no change in the fed-funds rate this year.

The dot plot is useful because it can convey the shifting consensus of the committee. For example, the March 2025 revision depicted the majority of policymakers supporting two reductions in 2025 ...