Fed Reconsidering Rate Cut Forecasts Due to Stronger Economy and Hot Inflation

Fed officials now considering fewer rate cuts in 2023 due to stronger than expected economic data recently
Inflation readings have come in hotter than anticipated, causing some officials to reconsider previous forecasts of 3 rate cuts
Views within Fed are mixed - some see just 1 cut this year while others still forecast 3 cuts
Timing of first cut depends on path of inflation - officials want more evidence it's heading sustainably to 2% target
Fed Chair Powell and other officials say they will take careful, data-dependent approach to any policy adjustments