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.

The Fed left interest rates unchanged, after President Donald Trump again demanded the U.S. central bank cut borrowing costs.

"Independence keeps interest rates lower, if you actually look through the history of interest rates a little bit," Dimon says.