WASHINGTON (AP) — The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year.

A major concern expressed by both Fed policymakers and some economists is that higher borrowing costs aren’t having as much of an impact as economics textbooks would suggest.

Americans, for example, aren’t spending much more of their incomes on interest than they were a few years ago, despite the Fed’s rate increases.

That means higher rates may not be doing much to limit Americans’ spending, or cool inflation.