A number of economists meanwhile are challenging the Fed's economic forecast calling for moderate growth and tame inflation.
"We're more worried about the economic impact" of oil and commodity prices, which could lead to a slowdown, said Bostjancic.
"It's a combination of tighter fiscal and monetary policy and also higher oil prices, and the need for consumers to repay their balance sheets."
"The Fed's forecast is not realistic," added Joel Naroff at Naroff Economics.
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