A team of economists and strategists at BofA Securities is holding on to its view that the Federal Reserve's interest-rate-cutting cycle is done, considering that the labor market is stabilizing around full employment and inflation is modestly stuck above the central bank's 2% target.

U.S. inflation likely worsened last month on the back of higher prices for gas, eggs, and used cars, a trend that could make it less likely that the Federal Reserve will cut its key interest rate much