Fed Rethinking Forecasts for Rate Cuts This Year As Inflation Remains High

Some Fed officials are reconsidering previous forecasts of 3 rate cuts in 2023 and now see 1 or no cuts this year
Higher interest rates are hurting Americans through higher borrowing costs, but cutting too soon risks losing control of inflation
Inflation readings have come in hotter than expected so far this year, reducing chances of imminent rate cuts
Fed Chair Powell wants more evidence of sustainably declining inflation before cutting rates
Divergent views remain among Fed officials with some still seeing room for 3 cuts this year while others see just 1 cut