As was widely expected, Fed policymakers on Wednesday left the central bank's overnight rate unchanged at a range of 4.25% to 4.5%.

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.

With little fanfare, the Trump administration has gone on a regulation-cutting binge, eliminating Biden- and Obama-era rules while slashing the bureaucracy built to impose costly restrictions on Wall Street and Main Street.