Pearce of Oxford Economics expects that the economy is strong enough to weather a downturn from tariffs -- meaning the Fed will unlikely be forced to respond to weakening conditions.
But there remains a risk that more weakness comes through, he said, and that the Fed "will react to a growth scare and loosen policy sooner."
Daco of EY said Powell "will have to tap dance around policy uncertainty and its cousin market volatility" in a press conference after the Fed's rate decision is announced Wednesday.
Private sector activity is slowing as policy uncertainty remains elevated, while stocks have pulled back notably, he said.
GDP growth is also likely to stall in the first quarter in part due to weaker consumer spending.