RBC Capital Markets said that when Fed officials update their quarterly dot-plot forecasts this week, they are likely to hint at just two rate cuts next year, compared with four in September. The median September dot-plot forecast suggests a 100 basis point cut in 2024 and another 100 basis points in 2025. "Fed officials' speeches since the November meeting have all but locked in a 25 basis point cut," Blake Gwinn and Izaac Brook of RBC wrote in a report on Wednesday. "As a result, the focus of this week's meeting will be primarily on the updated dot-plot and Powell's remarks."