The Federal Reserve’s latest dot plot of interest-rate expectations shows a median projection of two rate cuts in 2025, the same as in March. But that continuity masks a subtle but important shift: Fed officials’ internal consensus on rate cuts is weakening.

Federal Reserve officials expect inflation to worsen in the coming months but they still foresee two interest rate cuts by the end of this year, the same as they projected in

The Fed, helmed by Chair Jerome Powell, is expected to hold rates steady this month despite pressure from President Donald Trump to make cuts.