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The Fed boosts its 2017 forecast after raising interest rates

The Federal Reserve sees the federal funds rate rising to 1.4 percent in 2017, as opposed to the 1.1 percent estimated in September.

The current rate for the end of this year is 0.6 percent, consistent with September estimates.

The Federal Open Market Committee targets for appropriate federal funds rates is plotted in a chart that is widely known as the "dot plot."

It now points to two rate hikes next year, but economists and analysts surveyed by CNBC see, on average, 2½ rate hikes in 2017.

The chart shows the anonymous interest rate forecasts of Fed officials, and is used by market analysts and investors to determine where the central bank believes rates are going. The chart includes forecasts for the Fed's longer-term neutral rate.

Here are the Fed's latest December targets, released in a statement Wednesday.


This is how it looked in September

— CNBC's Patti Domm contributed to this report.