The Federal Reserve's first rate meeting is on Wednesday. Here's what economists say about rate cuts.

The Federal Reserve has spent almost two years ratcheting up interest rates to tame inflation — a task that is paying off with steadily cooling price increases. On Wednesday, the central bank will hold its first rate meeting of 2024, prompting questions about when the Fed might privot and begin cutting rates. 

The Federal Reserve has already indicated it expects three rate cuts in 2024, thanks to a slower pace of inflation; some Wall Street economists are predicting the central bank could issue as many as five cuts throughout the year. 

Rate cuts could provide some relief to consumers and businesses, who have been paying more for mortgages, auto loans, credit card debt and other borrowing due to the Fed's flurry of hikes. But it's likely that rate-weary Americans will have to wait a few more months to see any relief, given that Wall Street is projecting the Fed will hold rates steady on Wednesday and that the first cut will occur in March instead, according to financial data provider FactSet.