Though the U.S. economy could continue to grow in the second half of the year, the threat of rising inflation will likely be a major concern for investors, analysts told CNBC on Thursday.
"The big risk that is not being factored into stocks and bonds is inflation. You can't have central banks around the world printing money the way they are and not have the risk of inflation," Charles Bobrinskoy, vice chairman at Ariel Investments, said on "Squawk on the Street." "It's not being built into stock prices or bond prices, so we think you got to protect yourself and your portfolio against inflation going forward."
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Dean Maki, chief U.S. economist at Barclays Capital, agreed. Maki said inflation will likely make a "steady move higher" and surpass the 2 percent target inflation rate set by the Federal Reserve by year end. In turn, Maki thinks the Fed will likely hike interest rates by mid-2015. The markets have not yet priced in an interest rate hike, so the fixed income market could sell off as expectations shift, he said.