The median FOMC member predicts one more rate hike this year and maintaining a median rate of 4.1% throughout 2027. The dot plot also raised the long-run equilibrium rate from 3.1% to 3.2%, but the rate path actually written down by the members remains above this long-run equilibrium point throughout the forecast period, indicating that the FOMC is operating at a level above its nominal long-run equilibrium interest rate.