Fed's Expected Rate Cut Fades as Officials Grow Wary of Rising Inflation

Fed officials last year expected inflation to keep falling, justifying possible rate cuts in 2024, but recent data shows inflation ticking up instead
At least 4 Fed policymakers are now skeptical about rate cuts due to the reversal in inflation trends
Another high inflation reading in the March CPI data could significantly change the Fed's outlook
Multiple Fed officials have detailed concerns about the inflation path and see no rush to cut rates
The Fed has become more dependent on each data point, with the next few months of data having an outsized role in policy outlook