BlackRock warns against betting on Fed rate cuts amidst market uncertainty.

BlackRock strategists have said that the Federal Reserve is unlikely to cut interest rates this year despite recent turmoil within the banking sector. The note comes shortly after Fed officials delivered another quarter-percentage point rate hike, lifting the benchmark funds rate to a range of 4.75% to 5%, the highest since 2007. BlackRock said there are still signs of price pressures within the economy, noting that inflation is "still not on track" to settle at the Fed's 2% target.