📊 FED SEPTEMBER FORECASTS (SEP 17, 2025) The Fed cut rates 25 bps to 4.00–4.25% and signaled two more cuts in 2025. New projections show: Fed Funds Rate (year-end): • 2025: 3.675% (vs 3.875% prior) • 2026: 3.375% (unchanged) • 2027: 3.125% (vs 3.375% prior) • 2028: 3.125% (first forecast) • Longer run: 3.125% (vs 3.00% prior) Inflation (PCE): • 2025: 3.0% (unchanged) • 2026: 2.6% (up from 2.4%) • 2027: 2.1% (steady) • 2028: 2.0% (first forecast) Core PCE: • 2025: 3.1% (unchanged) • 2026: 2.6% (up from 2.4%) • 2027: 2.1% (slightly down from 2.3%) • 2028: 2.0% (first forecast) GDP Growth: • 2025: 1.6% (up from 1.4%) • 2026: 1.8% (up from 1.6%) • 2027: 1.9% (up from 1.8%) • 2028: 1.8% (first forecast) Unemployment Rate: • 2025: 4.5% (unchanged) • 2026: 4.4% (down from 4.5%) • 2027: 4.3% (down from 4.4%) • 2028: 4.2% (first forecast)