Barclays Research maintains its Fed rate call unchanged on the back of yesterday's Fed decision.

"The FOMC raised the fed funds rate target range 25bp, to 5.00-5.25%, as was widely anticipated. As we had expected, the FOMC signaled that it would likely pause its rate hikes in June, while introducing a tightening bias, indicating that it may raise rates further, if warranted," Barclays notes.

"The FOMC will determine on an ongoing basis, meeting by meeting, whether to raise rates or not, but it is unlikely to lower rates unless inflation declines more than the FOMC anticipates. We maintain our rate call unchanged. We expect the FOMC to maintain the funds rate target range at 5.00-5.25% through the rest of the year," Barclays adds.