For the first time since 2018, the Federal Reserve raised its benchmark interest rate by 25 basis points, increasing the target range for the rate to 0.25–0.5 percent. The Fed completed its two-day Federal Open Market Committee (FOMC) policy meeting on March 16, described by analysts as an important turning point for monetary policy. Fed officials project six more rate increases for this year. The dot-plot, the main interest rate outlook by governors, shows a median short-term rate of 1.9 percent by the end of the year. It also estimates a median short-term rate of 2.8 percent in 2023 and 2024. That’s a significant shift in policy outlook since December, when Fed officials were projecting only three quarter-point increases this year and three more in 2023. The Fed’s inflation projections also increased materially for this year. Officials anticipate that the personal consumption expenditure (PCE) price index, which is the central bank’s …