The Federal Reserve's final meeting of 2023 is anticipated to provide crucial economic projections and a dot plot indicating future interest rate expectations. The consensus is that the rate-hiking cycle has peaked, with rates expected to stabilize between 5.25%-5.50%. Investors are focused on the FOMC's new economic projections and the dot plot for insights into the Fed's economic outlook. The September dot plot suggested a median rate of 5.6% by the end of 2023, which has not been realized, and a 50-basis-point reduction to 5.1% by the end of 2024, contrasting with market expectations of significant cuts to 4%-4.25%. A median dot projection above 4.9% for 2024 would be seen as hawkish, while a cut to 4.6% or below would be interpreted as dovish. The iShares 20+ Year Treasury Bond ETF (TLT) has risen 12% since the November FOMC meeting, reflecting market expectations for lower rates.