The US Federal Reserve (Fed) is set to meet on Wednesday to discuss whether progress on inflation has stalled and whether the Fed’s policy rate must remain in the current 5.00%-5.25% range for longer than expected.

The meeting will focus on whether progress on inflation has stalled and whether the Fed’s policy rate must remain in the current range for longer than expected.

Fresh economic projections and a new monetary policy statement will reveal whether officials still expect to cut the policy rate by three-quarters of a percentage point this year, an outlook they’ve held since December.

Fed Chair Jerome Powell will elaborate on the new policy statement, while facing pressure from both sides of the debate.

The Fed is debating whether recent productivity or changes in labor supply have increased the economy’s potential, underlying interest rates have risen, and whether it is time to slow the monthly decline in the central bank’s massive holdings of US Treasuries and other assets.

The critical choice is when to begin the rate decreases, a pivot that has been underway since late last year.