The Federal Reserve will aim to put a July interest rate hike on the table at the close of its two-day meeting on Wednesday afternoon, JPMorgan Asset Management strategist Phil Camporeale said.
Investors currently put the chances of an interest rate hike in July at 21 percent, according to the CME's FedWatch tool, which measures 30-day Fed Fund futures prices. Expectations for a summer rate hike plummeted earlier this month after the Labor Department reported disappointing job growth for May.
The Fed is not expected to announce a second rate hike in the current tightening cycle on Wednesday. It began raising rates from nearly zero in December.
Despite hawkish statements in minutes from the Fed's April meeting, the odds of a June rate hike never reached 50 percent based on Fed Fund futures trading, Camporeale said. But the July possibility did cross that threshold, and the Fed may try to increase expectations for an increase next month once again, he added.
"You can create a narrative where, even though July is only 16 percent priced in right now, they can get it back to 50, 55 percent based on a Brexit remain vote and based on the further data on claims and on the jobs data that comes out the first week of July, signaling that that June number was more noise than a signal," he told CNBC's "Squawk on the Street."