[Bank of America: A Fed Rate Hike in July Would Be Unprecedented, Oil Prices Are the Main Inflation Risk] According to Jin10, Bank of America expects the Federal Reserve to keep interest rates unchanged in July and points out that a rate hike in July would be unprecedented, as the Fed has not raised rates when the market's probability of a hike is below 60% since 1994. Bank of America believes higher oil prices are the main inflation risk and maintains a bullish outlook on the U.S. dollar.