Investors have started to worry that the U.S. could be headed for a spell of stagflation. The U.K. might already be there.

That usually signals it’s time for the Federal Reserve to cut interest rates. And Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, posited two such moves before the end of the year in a Wednesday TV interview.

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.