On July 14, Tony Welch of SignatureFD said that the market is overestimating the possibility of a Federal Reserve rate hike. Following the release of weak CPI inflation data for June, futures markets reflected a lower probability of a rate hike this month, but according to data from the CME Group, at least one rate hike this year remains possible. Welch said that inflation is on a downward trend regardless of fluctuations in fuel prices. 'We just aren't seeing the kind of wage growth that can support broad inflation across the entire economy over the long term,' he said. He expects Fed Chair Powell to try to keep inflation expectations near the Fed's 2% target. 'I do think he is trying to use his words to help set and keep inflation expectations stable,' he said.