“Crucially it will depend on how the Fed reads the future economic tea leaves,” says Dr. Walden, a specialist with the North Carolina Cooperative Extension Service. “Now if they believe that the economy is slowing and will continue to slow, I think the pause will last.

“Some even think that if the slowdown is very strong –- that is, if there is a danger we may move into a recession -- we may see the Fed lower interest rates later this year.

“On the other hand, if the economy picks up strength -– and, for example, the last two months consumer income and consumer spending have gone up very strongly –- … then we may see more rate hikes down the road,” he adds.

“I think the betting among economists right now, though, is that this pause will continue.”