The Federal Reserve now sees rates at 0.6 percent by the end of 2016, instead of the 0.9 percent it forecast in June.
The U.S. central bank is now looking for the federal funds rate to rise to 1.1 percent in 2017, as opposed to the 1.6 percent estimate in June.
The targets for appropriate federal funds rates by Federal Open Market Committee participants is plotted in a chart that has come to be known as the "dot plot."
The chart shows the anonymous interest rate forecasts of Fed officials, and it's used by the market to determine where the central bank believes rates are going, including its longer-term neutral rate.
Here are the Fed's latest September targets, released in Wednesday's statement:
This is how it looked in June
— CNBC's Patti Domm contributed to this report.