The Federal Reserve on Wednesday said it does not expect any rate cuts this year, but did forecast one for 2020.

The central bank's median target for the federal funds rate is still 2.4% for 2019, unchanged from its March projection. But eight members of the Federal Open Market Committee indicated they were in favor of one rate cut this year, according to the panel's projections.

The Fed, however, ticked down its expectations for future years. A narrow majority, or nine members, indicated it expects the federal funds rate to approach 2.1% by the end of 2020, instead of its previous outlook for 2.6%.

As expected, the central bank also announced Wednesday that it is leaving the benchmark rate unchanged in a target range of 2.25% to 2.5%.

Four times a year, policymakers at the Federal Open Market Committee submit their projections about where short-term interest rates are headed. The results are the dot plot — a visual, yet anonymous, representation of where members think rates will go over the short, medium and longer run.