The Federal Reserve is expected to raise interest rates by a quarter point Wednesday afternoon, and more than half the respondents to CNBC's latest Fed survey expect the central bank to hike again in September.
While the market is skeptical of a second rate hike before year-end, 54 percent expect a September hike and 21 percent see a December increase. Another 11 percent expect a rate hike sometime between July and November.
The bond market has been far more negative about a second rate hike after June than economists. A weak inflation reading for May on Wednesday drove market expectations down to 36 percent for a second hike, based on fed funds futures.
Respondents to the CNBC survey have lowered their inflation outlooks dramatically since the end of last year. The respondents see inflation at 2.12 percent at year-end, down from 2.37 percent in January. The expectation for 2018 was 2.28 percent, down from January's 2.57 percent.