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For those of a certain age, a tune sung by The Happenings — See You in September — might resonate with regard to the Federal Reserve. Most analysts now expect the Fed to hold rates in range between 5.25% and 5.50% until September, with some concern there will be no rate cuts this year.

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“Phill Nelson, director of asset allocation at NEPC, said, “Despite the Federal Reserve’s bias toward cutting interest rates, investors should brace themselves for the potential that there will be no cuts from the Fed in 2024 due to consistently elevated inflation data getting increasingly priced into markets.”

The Fed is focused on how wage gains are impacting potential inflation and also eying “the core services sector where we are still seeing stickier inflation.”