• The Fed funds rate will be about 1.25 percent at the end of next year, with three hikes in 2016.
  • Then, perhaps, 2.25 percent at the end of 2017.
  • By the end of 2018, the rate should normalize somewhere just above 3.00 percent.
  • Only 18 months ago, the dots had "normal" at 4.00 percent or higher.

We are so impatient. The first rate hike in almost 10 years is now hours old, and we want to know what’s next.

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