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.”

President Donald Trump called on the board of the Federal Reserve to take control from Chairman Jerome Powell if interest rates are not lowered. After a brief display of public friendliness, Trump resumed his rhetorical offensive against Powell on Wednesday after he announced that the Fed would not lower interest rates.