Institutions anticipate changes in the Federal Reserve's SEP and dot plot.

1. UBS: It is expected that the Fed will raise inflation forecasts, with most committee members believing that interest rates should not be cut before 2028. The dot plot may indicate a rate cut in 2028, but the policy stance will remain tight. 2. Goldman Sachs: Powell may not submit his own dot plot forecast. The dot plot is expected to show unchanged rates in 2026, with final forecasts still predicting one rate cut in 2027 and 2028. Economic forecasts for 2026 may show a slight decrease in GDP growth rate and unemployment rate, and a significant increase in inflation. 3. Barclays: The latest dot plot may reflect higher inflation expectations and a more cautious policy stance, meaning rates will remain unchanged throughout 2026, a single rate cut in 2027, and no changes in 2028. 4. J.P. Morgan: Powell clearly stated his disagreement with forward guidance at a Senate hearing. This will be the biggest change, with the FOMC statement and SEP details being shortened. 5. Capital Macro Advisory: It is expected that Powell will not present his own rate forecast, but he may still be asked about his views during the press conference. 6. JPMorgan: It is expected that Powell will submit his own forecasts, as not doing so would seem like a strong dissent against the committee he leads. 7. TD Securities: It is expected that Powell will not submit his own dot plot forecast as a strategic move to downplay any hawkish signals that may have been released in the June dot plot. 8. Bank of America: It is expected that Powell will not submit his own forecast as he does not believe in forward guidance. Economic growth forecasts may be revised down to 2.1%, inflation is expected to increase significantly, and the unemployment rate forecast may be slightly revised down or remain unchanged. 9. Rabobank: It is expected that the risk will lean towards more stubborn inflation, fewer rate cuts, or even rate hikes, rather than a quick turnaround. Optimistic expectations have proven to be unfounded. 10. Nordea Bank: It is expected that the dot plot will no longer include the scenario of a rate cut by the end of the year, as there may even be some voices calling for rate hikes. 11. BNY Mellon: It is expected that the dot plot will show a slightly hawkish adjustment, with the median forecast likely to remove the previous prediction of a rate cut by the end of 2026. 12. Pacific Investment Management Company: It is expected that the dot plot will show a significant shift towards a hawkish direction. Several rate hike forecasts are expected for 2026, but the median forecast still shows no changes.