Wall Street’s expectation that the Federal Reserve will cut interest rates several times this year has helped power stocks to records. Now, some investors think the central bank might not cut rates at all. After the latest blockbuster jobs report Friday showed continuing strength in the economy, more traders are betting the Fed may cut the benchmark federal-funds rate just once or twice this year, fewer than officials’ last median forecast of three quarter-point cuts. And a handful are even starting to wager that the central bank will leave rates where they are. The shift could pose a challenge to a stock-market rally. …Investors will get a new perspective with Wednesday’s release of the consumer-price index. Inflation has cooled significantly from 40-year highs, but two months of hotter-than-expected readings have helped reinforce the Fed’s wait-and-see approach to cuts. [to access the full story a WSJ subscription is required]