The US Federal Reserve could cut rates three or four times this year if inflation data cooperates, with a first cut possible before July, a senior bank official said Thursday.

Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

Due to the stronger-than-expected jobs report, Bank of America economists revised the Fed outlook for this year: “We no longer expect any additional rate cuts,” economists wrote in a report on Monday. "Inflation is stuck above target, with risks skewed to the upside, activity is strong, and the labor market now appears to have stabilized."

These are today's mortgage and refinance rates. Mortgage rates have increased this month, and it's unclear if they'll drop much this year.

These conditions point to the Fed taking more of a wait-and-see approach. Officials said as much on Wednesday after the CPI release. John Williams, the New York Fed president and