A dove for all occasions

The blue curve in the above plot shows the interest rate for short-term loans set by the United States Federal Reserve Bank. As you can see, the rate has a long term downward trend, and has been near zero since 2009. The gray curves show projections for the future value of the short-term rate from the forward curve. What can we say about the forward projections vs the actual short-term interest rate set by the Fed?

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