At a press conference on Wednesday Federal Reserve Chairman Jerome Powell said:

"...we think our policy rate is appropriate and will remain appropriate as long as incoming data are broadly in keeping with our outlook. And in order to move rates up, I would want to see inflation that's persistent and that's significant, a significant move up in inflation that's also persistent before raising rates to address inflation concerns."

In simple terms, that means that absent a significant and sustained rise in inflation, the Fed won't be raising interest rates again anytime soon, probably no sooner than 2021.

Perhaps that will to some extent satisfy President Donald Trump, who since March has been calling for the Fed to reduce interest rates to stimulate manufacturing and increase US competitiveness vs. China and other nations.