(Bloomberg) -- Here are key takeaways from the Federal Reserve's interest-rate decision and economic forecasts on Wednesday:

• “Dot plot” of Federal Open Market Committee rate projections shows the median official expects three quarter-point cuts in 2024, similar to previous round of quarterly forecasts in December; however, median forecast for 2025 rises to 3.9% from 3.6%
• FOMC votes unanimously to leave benchmark rate unchanged in target range of 5.25%-5.5%, a two-decade high, for fifth straight meeting; near-identical statement repeats prior language saying the FOMC doesn't expect to cut rates “until it has gained greater confidence that inflation is moving sustainably toward 2%”
• Median forecast for PCE inflation, the Fed's preferred gauge, is unchanged at 2.4% for 2024 while core PCE projection rises 0.2 percentage point to 2.6%; economic-growth estimate for 2024 jumps to 2.1% from 1.4%
• Officials also lifted forecasts for where they see rates settling over the long term, boosting their median estimate to 2.6% from 2.5%; the change implies rates will need to stay higher for longer in the future
• Fed maintains its pace of quantitative tightening, with a maximum of $60 billion of Treasuries and $35 billion of mortgage-backed securities rolling off the balance sheet each month; central bank doesn't give any immediate hint of change to the program, after policymakers were scheduled to hold an in-depth discussion at the meeting

For Bloomberg's TOPLive blog on the Fed decision and press conference, click here

--With assistance from Steve Matthews.

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