The Fed’s dot plot and the case for a 4th hike in the June policy statement

Editor's note: A version of this post was originally published at my Patreon account on 13 Jun

I have another more macro post on the Fed I am developing for later today. But I wanted to run this one by you because I am seeing a lot of chatter about the Fed's dot plot.
The March 2018 Dot Plot
The dot plot is a part of the Fed's summary of economic projections. And these projections indicate where each Fed official sees the economy heading. More importantly, as a part of that, the dot plot shows where each official thinks the appropriate policy level is, given those projections.

For example, here's the March 2018 dot plot.

Source: Federal Reserve

Now, what people are talking about is where those dots representing appropriate policy rates are going to be on the chart release...

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