But Fed Chair Jerome Powell emphasized this month that it is the "net effect" of policy changes that will matter for both the economy and monetary policy.
Analysts widely expect the central bank to hold the benchmark lending rate steady at 4.25 percent to 4.50 percent, after similarly doing so in January.
"Recent Fed commentary has reinforced a wait-and-see approach, with officials signaling little urgency to adjust policy as they assess the economic impact of recent policy shifts," said EY chief economist Gregory Daco.
Powell himself has said that policymakers are focused on separating signal from noise as the outlook evolves.