The Fed is expected to raise rates in 2023. The IOER has been increased to 0.15%. The overnight reverse repo rate has been increased from 0% to 0.05% (which actually exacerbated the reverse repo problem as everyone wants to buy reverse repos and get 0.05% interest). This will actually drain reserves and also decrease lending. Tapering is expected to start in 2022.
This is the old dot plot.
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