The Fed risks following a lagging indicator in CPI data, says Western Asset's John Bellows

David Kelly, JPMorgan; Mona Mahajan, Edward Jones; and John Bellows, Western Asset, join CNBC's Steve Liesman, Rick Santelli and Michael Santoli on 'Power Lunch' to discuss the Federal Reserve's decision to raise the federal funds rate 0.75%, the highest single rate increase since 1994.