Some economists are now contemplating what was previously unthinkable — and they are focused on the personal-consumption expenditures price index

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.