A new survey of former insiders at The Federal Reserve (FED) shows that the interest rate outlook is becoming moderately conservative.

Former Fed officials and employees expect unemployment and inflation to rise in the coming months, which could complicate the Fed's judgment on interest rate decisions, according to the views of former Fed officials and employees on the U.S. economy and the Fed's outlook, collected by former Wall Street Journal economist Jon Hilsenrath on June 17. Respondents said they expect the Fed to maintain its expectations of two rate cuts of 25 basis points each during the year, although many former officials believe that it may be more appropriate to cut rates only once or even at all. The results of the survey come as the Federal Reserve is about to hold a policy meeting this week, when Fed officials will release economic projections, which will be the first time since Trump announced sweeping import tariffs. The federal budget bill, which is being pushed ahead in Congress, could also be one of the important considerations for the Fed's decision this week.