There’s an overwhelming risk that’s concerning long-time bull Phil Orlando right now.
Inflation, according to the Federated Hermes chief market strategist, could be stickier than the Federal Reserve anticipates. He warns it could spook Wall Street and put investors in the crosshairs of a turbulent summer.
“Inflation levels are going to keep rising,” he told CNBC’s “Trading Nation” on Friday. “That’s going to raise some questions. Is the Fed going to make a policy adjustment at an FOMC meeting or perhaps at Jackson Hole?”
Orlando cited a significant spike in labor costs over the last two months, commodity costs and consumers’ willingness to spend more as reasons to be on alert.