After last week's impressive gains, U.S. indices moved only slightly higher by Monday afternoon. The Nasdaq Composite hit another all-time intraday high in the early morning hours. Last week, the index posted its best weekly gains since October.
Investors are still keeping a close eye on the Fed and any indication of a rate hike this year.
Jamie Cox, Managing Partner of Harris Financial Group, thinks that "investors need a reality check that the Fed wants to raise rates in September." He notes that few investors believe the Fed will raise rates, despite Bullard placing a 50 percent probability compared to Fed Funds futures.
Cox tells CNBC's Power Lunch that he welcomes higher rates and doesn't believe earlier rate hikes will derail the U.S.economy.
The FOMC is scheduled to meet next Wednesday, July 29th.
CNBC's Power Lunch will have live coverage at 2p ET, followed by reactions from an all-star economic guest panel.