Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

The Federal Reserve’s latest dot plot of interest-rate expectations shows a median projection of two rate cuts in 2025, the same as in March. But that continuity masks a subtle but important shift: Fed officials’ internal consensus on rate cuts is weakening.

President Trump has increasingly pointed to rate cuts by other central banks as he pressures Jerome H. Powell, the Fed chair, to reduce borrowing costs.