The market is unclear whether the Fed will hike interest rates at its September meeting.

The projections are a snapshot of individual committee members' best guesses on the future of unemployment, inflation and rate cuts. Economists expect that the average prediction will be three rate cuts in 2025, fewer than were expected when they last published their expectations in September.

Locking a mortgage rate now, then, or in early August, can protect borrowers against this possibility. They could always unlock the rate and float it down to a new, lower one, should it materialize before closing, and they could refinance in the future, after closing, if and when rates drop.

Three Fed officials recently voted to raise interest rates.

Kevin M. Warsh, who will preside over his second meeting as chairman of the central bank, faces pressure to raise interest rates as inflation remains elevated.

The central bank is widely expected to stand pat on Wednesday, but persistent inflation concerns are reshaping expectations for the rest of 2026.

High inflation for five years has contributed to negative views of the economy, even as it’s largely stable, Lisa Cook said.

The Federal Open Market Committee is required to meet at least four times a year and has run on the current eight-meeting schedule since 1981. Fewer rate-setting meetings would be a significant change,

The Federal Reserve left its benchmark interest rate unchanged Wednesday. Fed policymakers say they remain committed to curbing stubborn inflation.

A modest silver lining for headline inflation is overshadowed by one of the central bank's favorite inflationary measures.

Wall Street’s been debating a rather unusual possibility since the Federal Reserve’s July 29 meeting. Was the bond market doing the Fed’s tightening for it?  Fed Chair Kevin Warsh stressed that Treasury yields had already moved sharply higher even though policymakers held the federal funds