The no rate cut camp on Wall Street is getting more lonesome by the day, but Citi is still standing its ground.

The economists at Citi maintained their call for no rate cuts this year after the Federal Reserve said the case for an easier monetary policy has strengthened, while dropping the word "patient" in its statement.

"Fed policy – and our call for no cuts in 2019 – remain highly dependent on incoming data over the next few weeks," Catherine Mann, global chief economist at Citi, said in a note on Wednesday. "In particular at least a benign outcome at the G20 and solid payroll growth for June will be necessary for the Fed to avoid cuts in July."