The Federal Reserve is widely expected to hold interest rates steady when it meets this week, but investors will be watching for something else — any sign that President Trump’s policies are changing the central bank’s future expectations for the economy.

The Fed’s latest round of projections released Wednesday will include the much-studied “dot plot,” a chart updated quarterly that shows each Fed official’s prediction about the direction of the central bank’s benchmark interest rate.

The last dot plot, released in December, revealed a consensus among Fed officials for two cuts this year, revised down from four, as some were already factoring President Trump’s expected economic policies into their projections.

Now that Trump is putting those policies into action, including an aggressive slate of tariffs, the question is whether central bank policymakers will tweak their outlook for economic growth and inflation — and thus the direction of rates.

“They could be more worried when they look at the growth trajectory of the economy and model out what they think those tariffs mean,” former Kansas City Fed president Esther George told Yahoo Finance.

The markets are currently expecting three rate cuts this year, in summer and fall, due in part to concerns that Trump’s policies would hold down economic growth. The US stock market dropped 10% from its high set last month, partly due to those concerns, before recovering some of those losses on Friday.

Some Fed watchers are also worried about the inflationary effects of tariffs, arguing that the worst effects have not yet shown up in the data.

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“In March and April, we’re going to see a pretty big pickup in terms of inflation,” RSM US economist Tuan Nguyen told Yahoo Finance. “That’s going to be quite troubling for the market.”

George said she thinks Fed officials will maintain their estimate of two rate cuts because tariffs could, in fact, push up inflation later this year.

“Even though the market is pricing in three rate cuts, I’m just looking at this landscape and saying the Fed has an inflation problem too,” George said.

Luke Tilley, chief economist for Wilmington Trust, expects the Fed this week to retain its two-rate prediction, but he expects the central bank will end up cutting four times this year, starting in May.

He is in the camp that argues tariffs will lead to slower economic growth, offsetting any inflationary impact.