Markets are eyeing a June rate cut. Here's what Fed officials have said on policy, jobs, and inflation that point to the next steps.

• Fed officials have said rate cuts are coming soon, but inflation must still cool further.
• Markets are placing the greatest odds on a rate cut in June, fed fund futures show. 
• Policymakers have said the risk of waiting too long may be lower than acting too soon.

Federal Reserve officials have said interest rate cuts are coming this year, but there's not an exact date in their outlook just yet.

Markets are pricing in 64% odds of a rate cut in June, according to CME's FedWatch Tool, even as Jerome Powell and his colleagues remain cautious on inflation, jobs, and the economy.