BofA Global Research no longer expects the U.S. Federal Reserve to deliver another interest rate hike in December, following a softer-than-expected inflation reading for October.

The brokerage had previously forecasted a final 25 basis points hike.

"We now think that the hiking cycle is over," BofA economists led by Stephen Juneau said in a note dated Tuesday.

(Reporting by Priyadarshini Basu; Editing by Varun H K)