Fed projects a 2% in rate cuts by end of 2027.
Forecast: Fed funds rate to decline to 2.25%–2.50% by late 2027.
Despite tariff-driven inflation bumps, slowing growth will push Fed to cut further.
10-year Treasury yield forecast to fall to 3.25% by 2028, down from 4.2% in 2024.
Fed sold $2 trillion in long-term securities since June 2022—quantitative tightening continues.