All it took were three more Federal Open Market Committee members to get more hawkish to push up the expectation for interest rate hikes.

The committee, which sets monetary policy for the Federal Reserve, each quarter issues its so-called dot plot of member expectations for interest rates.

At the March meeting, six members had expected the fed funds rate to stay between 2 percent and 2.25 percent, indicating one more rate increase after the quarter-point hike approved Wednesday.