Powell himself has said that policymakers are focused on separating signal from noise as the outlook evolves.
"We do not need to be in a hurry, and we are well positioned to wait for greater clarity," the Fed chief added in a recent speech in New York.
- 'No pressing need' -
Economist Michael Pearce at Oxford Economics said he expects the Fed will not want to "overreact" to early signs that inflation may pick up, or to indications that the economy is weakening more quickly than anticipated.