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In Washington, the Federal Open Market Committee (FOMC) has just wrapped its March policy-setting meeting. As expected, central bankers left interest rates unchanged. 

What’s more interesting, though, is that most committee members are still expecting two 25-basis point rate cuts before the end of the year. 

It’s the first summary of economic projections released so far this year. Central bankers also lowered growth expectations for 2025; they currently expect real GDP in 2025 to increase by 1.7%, down from their December projection of 2.1%. They also increased their expectations…

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