Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

1. Fed projects only one rate cut in 2026, less than anticipated. 2. Median funds rate estimated at 3.4% for late 2026, up from 3.6% this year. 3. Traders expect two to three rate cuts next year, contrary to Fed's stance. 4. Economic outlook shows slightly faster growth, but inflation expectations increased. 5. Uncertainty surrounds Fed leadership as Powell's term expires in May 2026.