Wu said that according to investingcom, analysts at Bank of America Global Research wrote that based on recent comments from policymakers and the minutes of the central bank's latest meeting, it is "impossible for the time being" for the Federal Reserve to cut interest rates. Data released this week showed stronger-than-expected business activity and a decline in weekly unemployment claims, which also dampened hopes for an imminent rate cut. The base case of Bank of America analysts is that the Fed may not start cutting interest rates until December. They believe that the Fed may need to see a continued slowdown in service prices. They said: "A sharp drop in overall year-on-year inflation would strengthen the case for a rate cut, but this seems unlikely given the unfavorable base effects in the coming months."