The dots are not a great forecaster of future rate moves,” Federal Reserve Chairman Jerome Powell has warned, but every quarter the financial universe ponders the FOMC’s dot plot as though it were a magic crystal ball.

The Fed’s dot plot is a chart that records each Fed official’s projection for the central bank’s key short-term interest rate. The dot plot is updated every three months and is meant to provide insight into the Fed’s future rate decisions,

The Federal Reserve is all but certain to announce no change in interest rates after its two-day policy meeting ends today. What matters more is how many cuts policymakers indicate they expect to make this year.