The median dot for next year also decreased from 2.5% in December to 1.875% in March. The central bank noted that a rate hike was "unlikely" in April and cautioned that it will only hike rates if it has "seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term." The Fed said economic growth "moderated somewhat" following its December's view of economic activity increasing at a solid pace.