The Federal Reserve is set to wrap up 2024 with its last Federal Open Market Committee (FOMC) meeting on Wednesday, delivering what's expected to be its third consecutive interest rate cut.

Policymakers are expected to lower the federal funds rate by 0.25%, bringing it to a target range of 4.25%-4.50%.

While the move has been widely anticipated, traders are less concerned about the cut itself and more focused on the Fed's forward-looking guidance — particularly the updated Summary of Economic Projections (SEP) and the closely watched "dot plot."

Here's what you need to know.

December's Dot Plot, Inflation Forecasts...