Investors and economists assess that the Federal Reserve is unlikely to cut interest rates this year, despite an Iran peace deal, due to persistent inflation and a strong labor market.

Consumer Price Index inflation rose to 4.2% and Producer Price Index inflation to 6.5% for the year ending May, both above the Fed's 2% target, while the economy added 172,000 new payroll jobs in May and job openings increased to 7.6 million in April.