Felix Salmon writes:
RGE - Fed: No rate cuts in the offing?: As expected, the Fed kept rates on hold at 5.25%. But there doesn't seem to be much in the way of bearishness at the FOMC: the statement says that "going forward, the economy seems likely to expand at a moderate pace". It goes on to talk about "the extent and timing of any additional firming that may be needed" -- no one at the Fed seems to be anticipating any rate cuts for the foreseeable future.
The economic forecasters seem to have a different view: their dominant view seems to be that they are expecting reality to lead the Fed to cut some in 2007.