The Federal Reserve's September 2025 projections indicate a median federal funds rate of 3.6% for 2025, declining to 3.4% in 2026 and 3.1% in 2027. This suggests a more hawkish stance compared to the June projections, which anticipated a 3.9% rate for 2025 and 3.6% for 2026. Investors should note the upward revision in the projected policy path, implying potentially higher interest rates for longer than previously expected.