The Federal Reserve still expects its benchmark fed funds interest rate to rise to 3.75% in the "longer run," but the bank also indicated on Wednesday the pace of rate hikes will be slower. The Fed sees its benchmark rate rising to 1.625% by the end of 2016, down from 1.875% in its March forecast. And rates in 2017 are likely to end around 2.875% instead of 3.125%, according to the Fed's dot plot.
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