Federal Reserve Chairman Kevin Warsh is expected to leave interest rates unchanged at his first policy meeting this week, according to a new CNBC Fed Survey, as central bank officials confront persistent inflation and a U.S. economy that continues to show resilience despite higher borrowing costs.

The survey of 32 economists, fund managers, and strategists found no expectation that the Federal Reserve will cut rates at this meeting or at any point through 2027. 

Respondents also signaled a significant shift in expectations for monetary policy, with 88% saying they believe the Fed will remove its easing bias, indicating that future rate cuts are no longer viewed as the central bank's most likely next move.

Warsh, who was nominated by President Donald Trump and sworn in as Federal Reserve chairman in May, is leading his first Federal Open Market Committee meeting as inflation remains above the Fed's 2% target and policymakers face additional uncertainty from higher energy prices and geopolitical tensions involving Iran. 

Market participants widely expect the Fed to maintain its benchmark federal funds rate in the current 3.50% to 3.75% range when the two-day meeting concludes Wednesday.

Although Trump has repeatedly advocated for lower interest rates to support economic growth, economists surveyed by CNBC see little justification for monetary easing in the near term as inflation concerns continue to dominate the policy outlook.

"While Warsh is generally perceived as dovish, he will inherit a committee that has become noticeably more hawkish," Gregory Daco, chief economist at EY, told CNBC. 

"Several policymakers have recently argued that rate hikes should remain an option if inflation remains above target, and concerns around energy-driven inflation pressures have only reinforced that bias,” he added.

The survey found that respondents expect the federal funds rate to remain near its current 3.62% level through 2027. Some economists went further, arguing that the central bank should consider raising rates to prevent inflation expectations from becoming entrenched.

"The FOMC ought to hike rates to nip rising inflation expectations in the bud and get closer to neutral policy," said John Ryding, chief economic advisor for Brean Capital.

Recent commentary from Fed watchers has increasingly focused on whether officials could eventually shift from discussing rate cuts to openly considering future rate increases as inflation remains stubbornly elevated. Several analysts have suggested that Warsh's first meeting could mark the beginning of a more hawkish phase for the central bank.

Despite concerns about inflation, the CNBC survey showed growing optimism about the broader economy. Respondents raised their forecast for 2026 economic growth to 2.3% and lowered the probability of a recession to 25%, down from 33% in April.

"Improving economic and employment conditions and modestly rising stock prices are common characteristics of the current stage of the stock market-economic-interest rate cycle," economist Hugh Johnson wrote. "Early warning signs of a bull market-ending recession have not as yet surfaced."

Investors will also closely watch Warsh's post-meeting news conference for indications of how he plans to lead the central bank and whether he will pursue changes to Fed communications. 

Warsh has criticized the Federal Reserve's extensive public messaging and advocated for a more streamlined approach. The CNBC survey found growing support among respondents for those efforts, suggesting market participants may be receptive to a less expansive communications strategy under the new chairman.