Federal Reserve chair Jerome Powell doused hopes of a September rate cut on Wednesday by saying no decisions had been made about the next monetary policy meeting. He noted that the full effect of U.S.

U.S. stocks closed well off earlier highs after a choppy session on Wednesday, as Federal Reserve Chair Jerome Powell chilled expectations the central bank might be poised to cut rates at its September meeting.

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.”