The Fed is likely done cutting rates amid robust economic activity and can now eye a hike if core PCE or long-term inflation expectations rise, BofA says.

Top Wall-Street brokerages revised their Fed rate cut forecasts, after a blow-out U.S. jobs report on Friday, with BofA Global Research forecasting a potential rate hike from the central bank.

Before the strong December jobs report was released, the odds were already low for an interest rate cut in the next Federal Reserve decision on January 29.

Friday’s unexpectedly big increase in December nonfarm payrolls led to a diminished market-based likelihood for any rate cut by the Federal Reserve until September, based on one method of calculating expectations — and one big bank sees the risks tilting toward a rate hike.

A hot jobs report makes it even more likely the Federal Reserve won’t cut rates at its next meeting in January — or for the foreseeable future.