The dot plot, decoded When the central bank releases its Summary of Economic Projections each quarter, Fed watchers focus obsessively on one part in particular: the so-called dot plot.

The amount of attention on the Fed’s “dot plot” partly reflects the lack of suspense for a meeting at which interest rates are widely expected to be left alone.

The June dot plot was a significant shift from March when the majority of policymakers projected three rate cuts. Higher-than-expected inflation in the first quarter prompted officials to scale ...