In the press conference following the Fed’s decision to keep rates unchanged, Powell hesitated to guide toward a rate in the coming months. He struck a hawkish tone, according to a note by Bank of America’s macroeconomics team, putting a damper on investor hopes that the FOMC’s next meeting in September could bring a rate cut.

U.S. President Donald Trump said on Friday the Federal Reserve board should assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates. "Jerome 'Too Late' Powell, a stubborn MORON,