"Instant Answers" For Today's FOMC Decision - What We Expect

Below are the Instant Answers questions we plan to release upon the publication of the June FOMC statement at 1400ET /1900UK on June 14 - and bolded, what we expect the answers to be:

• Federal Funds Rate Range Maximum - 5.25%
• Does the FOMC change the phrase "in determining the extent to which additional policy firming may be appropriate"? No (maintains the bias toward further tightening)
• If yes, does the FOMC remove the reference to additional firming? N/A (removing this likely dovish)
• Does the FOMC refer to future "adjustments" in interest rates? No (changing "firming" to "adjustments" could be interpreted as opening door to cuts)
• Median Projection of Fed Funds Rate at End of 2023 5.4% (above this = hawkish, and vice versa)
• Median Projection of Fed Funds Rate at End of 2024 4.4%
• Median Projection of Fed Funds Rate at End of 2025 3.4% (this is above consensus of 3.1%)
• Median Longer Run Projection of Fed Funds Rate 2.5%
• Number of 2023 dots > 5.125% 12 to 14, mostly at 5.375%. Fewer than 9 would mean median stays at 5.1%
• Number of 2023 dots > 5.375% 4 to 6. More than 6 would be hawkish
• Number of dissenters favoring a looser rates policy: Zero
• Number of dissenters favoring a tighter rates policy: Zero (Kashkari and/or Logan possible but not market moving)