We won’t get another update on the probable trajectory of Federal Reserve interest rate policy from the Fed itself until the central bank updates its Dot Plot projections at its March 19 meeting.

But meanwhile, we have a survey from CNBC that shows a majority of respondents–and this is a small sample of just 25 market analysts–still believe we’ll get two interest rate cuts from the Fed in 2025. But that faith in that two-cut scenario is fading.

Just for reference, the Fed signaled two cuts in 2025 when it updated its projections back at its December meeting.

I doubt that the Fed will actually do anything when the Open Market Committee meets tomorrow, Wednesday, January 29, but I think its good to have this reminder from the CNBC survey to help interpret investor reaction to the Fed’s actions and words.

The latest CNBC Fed Survey showed the 65% of respondents see two rate cuts in 2025, down from 78% in the prior survey.

Im other survey results 77% see tariffs as negative for inflation and 73% believe they are negative for growth. But 55% believe deregulation will reduce inflation and 68% believe it will boost growth.

Survey respondents see the Fed Funds rate, now at 4.25% to 4.50%, ending the year at 3.96%, 12 basis points higher than in the December survey, and at 3.6% in 2026, up 16 basis points from the December survey results.

My favorite comment from the survey came from Robert Fry, chief economist at Robert Fry Economics on President Donald Trump’s drill, babe, drill energy policy. “You can lead an oil company to leases, but you can’t make it drill.” Dorothy Parker couldn’t have out it better herself. The quote often attributed to her is “You can lead a whore to culture, but you can’t make her think.”