Bank of America Global Research changes its Fed rates call.

"We no longer expect the Fed to cut rates this year. We have pushed the two cuts in our forecast out from Sep-Oct '26 to Jul-Sep '27. The terminal rate stays at 3.0-3.25%," BofA notes.

"We think Warsh will push for lower rates, but the data flow precludes cuts for now. However, cuts should be in play by next summer, with inflation much closer to target,"BofA adds.