Bank of America indicated in a note that Powell would be in “no hurry” to cut rates in June, though disagreements among Fed staff “may start a trend of more frequent dissents” and a “more divided Fed may raise risks of a less consensus and more contentious institution.”

Interest rates for credit cards to mortgages have jumped since the Fed began fighting inflation in 2022. Here's where experts think rates are headed.

Wall Street gained on Wednesday, boosted by a string of largely upbeat corporate earnings, while rising expectations of a Federal Reserve interest rate cut provided additional support.