The Federal Reserve will be forced to hold interest rates at a high level for longer than markets and central bankers anticipate, according to academic economists polled by the Financial Times.

More than two-thirds of those surveyed in the FT-Chicago Booth poll think the Fed will make two or fewer cuts this year as it struggles to complete the “l(fā)ast mile” of its battle with inflation. The most popular response for the timing of the first cut was split between July and September.

That is a later start than expected in financial markets, where traders expect three cuts this year, with the first quarter-point reduction coming in June or July. The Fed’s current forecast, which is due to be updated on Wednesday, also sees three cuts in 2024.