Bank of America (BofA) has stated that a Federal Reserve rate hike in July would be unprecedented. Since 1994, the Fed has never raised rates without the market already pricing in at least a 60% probability. BofA maintains its expectation that the Fed will hold rates steady in July, with the market currently pricing only a 24.8% probability for such a hike. The bank identifies rising oil prices as a major inflationary risk that could influence U.S. monetary policy in the coming months.
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