All eyes on the Fed as interest rate cuts have yet to materialize

In the Fed's eyes, the economy is strong, with the March jobs report showing growth for 39 months straight. But where are those interest rate cuts?

From credit cards to mortgages, it's expensive to borrow money. The Fed has kept interest rates high to help slow the economy and lower inflation. But we've been waiting for that rate to go down since last summer, and the Fed says cutting too soon could cause inflation to spike.

And it's also possible the Fed is changing its tune on cutting interest rates.

Some economists predicted as many as six cuts starting this summer. But that hope is more uncertain now, with federal reserve chair Jerome Powell saying in a speech last Wednesday at Stanford University that the Fed "face[s] risks on both sides."

"My colleagues and I continue to believe that the policy rate is likely at its peak for this tightening cycle," said Powell. "If the economy evolves broadly, as we expect, most FOMC participants see it as likely to be appropriate to begin lowering the policy rate at some point this year."

In the Fed's eyes, the economy is strong, with the March jobs report showing growth for 39 months straight.