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Non-farm data caused Goldman Sachs and other Wall Street giants to change their stance, while Bank of America predicts the end of the rate-cutting cycle.

After the stronger than expected U.S. December employment data was released on Friday, economists from Bank of America, Citigroup, and Goldman Sachs have revised down their forecasts for further interest rate cuts by the Federal Reserve. Bank of America previously expected two rate cuts of 25 basis points each this year, but now believes there will be none, and instead, there is a possibility of a rate hike. Among Wall Street's big banks, Citigroup, which is most optimistic about rate cuts, still expects five rate cuts of 25 basis points each, but now starting in May instead of January as previously anticipated. Goldman Sachs expects two rate cuts this year instead of three. Aditya Bhave and other economists from Bank of America wrote, 'Following the strong December employment report.'

Global market news report.12:22 ET