Former Federal Reserve officials predict a rise in both inflation and unemployment, with only one interest rate cut expected this year.

[Bitu] News, collected by former Wall Street Journal economic reporter Jon Hilsenrath, shows that former Federal Reserve officials and staff expect the unemployment rate and inflation rate to rise in the coming months, which may complicate the Federal Reserve’s judgment on interest rate decisions. Respondents indicated that they expect the Federal Reserve to maintain expectations of two rate cuts of 25 basis points each within the year, although many former officials believe that a single rate cut or even no rate cuts may be more appropriate. The results of this survey are being released just as the Federal Reserve is about to hold its policy meeting this week, during which Federal Reserve officials will announce economic forecasts. This will be the first time the Federal Reserve has released economic forecasts since Trump announced a wide-ranging import tariff policy. The federal budget bill being pushed through Congress may also become one of the important considerations for the Federal Reserve’s decision-making this week.