[Fed cuts 2023 PCE inflation forecast to 3.2%] the Fed lowered its 2023 PCE inflation forecast to 3.2%, which is expected to be 3.3% in March; PCE inflation forecast in 2024 is 2.5%, which is expected to be 2.5% in March; PCE inflation forecast in 2025 is 2.1%, which is expected to be 2.1% in March; and PCE inflation expectations for a longer period will remain unchanged at 2.0%.