Stocks are rallying on Thursday, with the Dow setting a new intraday high. Jack Ablin, chief investment officer of BMO Private Bank, tells CNBC's "Power Lunch" on Thursday equities are expensive, but fundamentals are solid and momentum is positive.
Ablin doesn't expect any movement from the Fed. "Interest rates remain benign as central banks remain accommodative. Fed stands pat," Ablin said.
Jill Cuniff, president of Edge Asset Management, sees small signs of inflation picking up, but doesn't believe that will lead to higher interest rates.
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"There isn't a real need for the Fed to tighten interest rates at their September meeting. It's likely they will remain on hold through the remainder of the year," Cuniff said.
In Cuniff's view, the markets will be volatile, and that will boost stocks. "Volatility offers opportunities for U.S. equity investors as equities will likely continue on their reluctant positive run," Cuniff said.
The Dow, Nasdaq and are all higher, with the Dow holding onto a triple-digit gain.