Strategist: Fed rate hike in July unlikely

Odaily Planet Daily reported that investors are increasingly concerned the Federal Reserve's next policy decision could be a 25-basis-point rate hike, possibly as early as this month. However, Phil Orlando, chief market strategist at Federated Hermes, said this scenario is unlikely. "We disagree with this view. The Fed is expected to ignore what should be a temporary energy supply shock and hold rates steady," Orlando said. Last week's disappointing U.S. labor market data prompted the market to push back expectations for a final rate hike to later this year. According to data from the London Stock Exchange Group, money markets are pricing in a 22% probability of a 25-basis-point rate hike in July. (Jin Shi)