FOMC projections put the policy map in focus

This update shows how the Fed sees inflation, growth, and the likely path of rates after the decision is announced. Investors care because the projections can shift the whole debate from 'what just happened' to 'what comes next.'

The projections are the Fed's map for growth, inflation, and the policy path, so investors will treat them as the real message behind the rate decision. In a market that is sideways rather than panicked, the dot plot and economic outlook can move rates more than the headline policy hold.

The projections can change the expected level of rates, which feeds directly into bank lending margins and funding costs.