A common refrain around the Federal Reserve in recent months has been the notion that interest rates will remain "higher for longer."
Meaning that even after the central bank ends its current rate-hiking cycle and begins the process of bringing rates down, interest rates will remain higher than what the Fed thinks would be needed to sustain economic growth with inflation at 2%.
What, exactly, "longer" entails is at the heart of investor debates about the Fed's policy future. But on Wednesday, the central bank offered further outlines of its answer — at least three more years.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Alongside its policy decision on Wednesday to hold rates in a range of 5.25%-5.5%, a 22-year high, the Fed released updated economic forecasts for interest rates, unemployment, growth, and inflation.
The so-called dot plot, which offers officials' forecasts for rates in the coming years, showed most Fed officials think one more rate hike will be needed this year.
