As recently as the summer, respondents had forecast rate cuts in the beginning of next year. The change can also be seen in the outlook for the fed funds rate, the central bank's benchmark for short-term lending costs. It's now forecast on average to end 2024 at 4.6%, assuming about 75 basis points of rate cuts. In June, the year-end 2024 funds rate was forecast at 3.8%, which assumed 125 basis points of cuts. Some 60% of respondents see the Fed hitting its inflation target in 2025 or sometime after that, and 19% don't believe the Fed will ever get there.

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Persons: Jerome, Powell, Peter Boockvar, Robert Brusca, Troy Ludtka Organizations: CNBC, Survey, Federal Reserve, Bleakley Financial, Fed, Nikko Securities