For the first time since 2018, the Federal Reserve raised its benchmark interest rate by 25 basis points, increasing the target rate to the 0.25–0.5 percent range. The Fed completed its two-day Federal Open Market Committee (FOMC) policy meeting on Wednesday, described by analysts as an important turning point for monetary policy. Fed officials project six more rate hikes 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. Officials anticipate that the personal consumption expenditure (PCE) price index, which is the central bank’s favorite inflation gauge, will hit 4.3 percent in 2022 and 2.6 percent next year. The Fed projects GDP growth at 2.8 percent this year and 2.2 percent in 2023. The unemployment rate is predicted to fall to …