The Federal Reserve has forecast a further half-percentage point rate cut by the end of 2024, and the central bank has two more meetings ahead of it.

The so-called dot plot shows that 19 FOMC members, both voters and non-voters, see the Fed’s key interest rate at 4.4% by year-end, which corresponds to a target range of 4.25% to 4.5%. The Fed’s two remaining meetings this year are scheduled for November 6-7 and December 17-18.

By 2025, the central bank forecasts interest rates to reach 3.4%, a further cut of a full percentage point. By 2026, rates are expected to fall to 2.9%, a further cut of half a percentage point.

“There is nothing in the SEP (Summary of Economic Projections) that suggests the committee is in a hurry to get this done,” Fed Chairman Jerome Powell said in a press conference. “This process is evolving over time.”

The central bank cut its key interest rate to a range of 4.75% to 5% on Wednesday, its first rate cut since the beginning of the Covid pandemic.

Here are the Fed’s latest targets:

“The Committee has become more confident that inflation is moving sustainably towards 2 percent and believes that the risks to achieving its employment and inflation objectives are broadly balanced,” the statement said after the meeting.

Fed officials raised their expectations for the unemployment rate this year to 4.4% from 4% in the last update in June.

At the same time, they lowered the inflation forecast from 2.6% to 2.3%. Core inflation was lowered by the committee to 2.6%, a reduction of 0.2 percentage points from June.

— CNBC’s Jeff Cox contributed reporting.