Federal Reserve policy makers are sensing renewed inflation dangers and an economic boost from government rebate checks. Consequently, the Fed may be nearing a pause in interest rate-cuts after the fastest reduction in two decades.

The New York Times reports that, “in remarks this week, Kevin M. Warsh, a Fed governor; Janet C. Yellen, president of the San Francisco Fed; and three other district bank presidents voiced concerns about rising prices. The Harvard University economist Martin Feldstein, who heads the group that decides the dates of recessions, called for an end to rate cuts.”

Already, the central bank has reduced rates three times this year to 2.25 percent. Ben S. Bernanke, Fed chairman, and the Federal Open Market Committee will next meet in Washington, April 29-30.

The NY Times quotes Dean Maki, chief United States economist at Barclay’s Capital in New York, as saying, “we are close to the end of rate cuts. The inflationary pressures are only intensifying at this point.”

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