All eyes will now be on Wednesday's consumer price index, after February's annual inflation rate of 3.2% came in slightly higher than expected.
George Lagarias, chief economist at Mazars, told CNBC on Monday that rate cuts in the summer were now looking much less likely.
"Personally, I wouldn't be surprised if we saw less rate cuts and pushed more towards the end of the year," he told "Squawk Box Europe" on Monday.
Despite this, he said it remains "very likely" that there will be rate cuts this year.
They do not want to be the Fed that cut rates as inflation kept beating expectations.
Persons:
Neel Kashkari, George Lagarias, Lagarias
Organizations:
U.S . Federal, Minneapolis, CNBC