Northern Trust Wealth Management's Katie Nixon making her case for the fed to hike rates in September.

"The macro tea leaves continue to present an uneven and murky picture of growth here in the U.S." says Nixon, "with some manufacturing data skewing weaker than anticipated and in part due to some transitory factors."

Nixon says they also observe inflation data on the rise, albeit off a very low base.

As the Fed remains data dependent, Nixon says "we assess the macro data as supportive of a rate hike in September, but we reiterate that the future path of rates will be slower and lower than past cycles."