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- Former Fed president Thomas Hoenig said he'd be surprised if officials deliver three rate cuts in 2024.
- One or two is more likely amid stubborn inflation and a strong economy.
- A preemptive cut to avert a recession probably isn't in the cards.
The Federal Reserve at the end of last year indicated that it could cut interest rates three times in 2024, but such a move would come as a "surprise" given current economic conditions, according to former Kansas City Fed President Thomas Hoenig.