The Globe and Mail reports in its Friday, April 12, edition that if inflation gets stuck at an elevated level for months on end, it could prod Federal Reserve officials to hold rates high for longer in an effort to cool the economy and ensure that prices come fully under control. A New York Times dispatch to The Globe reports that Nationwide economist Kathy Bostjancic says: "Persistent buoyancy in inflation numbers [probably] does give Fed officials pause that maybe the economy is running too hot right now for rate cuts. Right now, we're not even seeing a 'soft landing' -- we're seeing a 'no landing.'" On Wednesday, Fed policy makers received a fresh sign that the economy may not be landing quite as smoothly as hoped. A key inflation report showed that prices picked up more than expected in March. Fed officials entered 2024 predicting three rate cuts before the end of the year. The officials maintained that call in their March economic projections. However, as inflation and the economy overall show staying power, investors have steadily dialled back how many rate cuts they are expecting. Market pricing suggests that traders are now betting heavily on just one or two rate cuts this year.