The Federal Reserve’s interest rate reduction plan for 2024 has been halted due to a decline in inflation, which has risen to a 3.5% annual rate from 3.2% in March.

This has caused concerns among at least four of the 12 Fed officials who vote on monetary policy, who are now more suspicious of the possibility of rates falling anytime soon.

Investors have moved their bets from June to September, and they no longer expect the Fed to cut its benchmark overnight interest rate by a full percentage point this year.

Karen Dynan, a senior fellow at the Peterson Institute for International Economics, predicts the Fed will stay mostly silent this year and may only approve a single quarter-percentage-point cut in rates.