At least one team of sell-side economists is calling an end to the Federal Reserve's interest-rate-cutting cycle following Friday's blockbuster jobs report. Perhaps even more notably, the team now believes there is significant probability that the next move from the Fed could be a hike.

Progress on bringing down inflation has stalled. Economic activity is robust. And now Friday’s employment report shows the labor market is solid. All of that leads economists at Bank of America to believe it’s time to end the discussions about further interest-rate cuts by the Federal Reserve.