The Federal Reserve is still expected to cut interest rates this year — but not until the fall — as policymakers weigh the fallout from President Trump’s tariffs on trade partners, according to a survey released Friday.

The Fed is not expected to cut interest rates at the conclusion of its next meeting on March 19, but there may be clues to the timing of the next cut.

The Federal Reserve is seen restarting interest-rate cuts in June, traders bet on Tuesday, as government data showed U.S. producer prices were unexpectedly flat last month and weekly jobless claims fell.

With fresh inflation figures due out Wednesday, traders are settling on a new outlook for Federal Reserve interest rates this year. Markets are pricing in a 32% chance that the Fed’s benchmark slips to 3.

American families are growing sharply less optimistic about the economic outlook, but the Federal Reserve may be loathe to respond aggressively to a weakening economy in light of increasing worries that the Trump administration's trade policy will boost already elevated inflation.

The Federal Reserve will keep interest rates steady through the first half of the year, before delivering two reductions beginning in September, according to economists surveyed by Bloomberg News.

Key Takeaways The Federal Reserve is widely expected to keep its interest rate flat at Wednesday's policy meeting.Fed officials are reluctant to make any monetary policy moves while they wait to see what President Donald Trump's economic policies will be enacted and how they'll affect the economy.

The Federal Reserve will likely need a lot more data, and a few more months, to clarify its growth and inflation forecasts and set the path for future rate moves as the impact of tariff and trade uncertainty continues to echo through the world's biggest economy and beyond.