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.

“If they don’t dissent, then the stock and bond markets could rally significantly on expectations that the FOMC participants are leaning toward cutting [in September], thus placating the two potential dissenters,” said veteran strategist Ed Yardeni of Yardeni Research.