The Federal Reserve has been adjusting its interest rate projections for 2024. In March, the Fed held rates steady and forecast three 25-basis-point interest rate cuts for the year, with a median terminal rate of 4.6%. However, in June, the Fed revised its forecast to a single rate cut for the remainder of 2024, with a terminal rate of 5.1%. This shift in projections has significant implications for the economy and financial markets.