[Analyst: June Inflation Data Supports the View That the Market Overestimates the Likelihood of Fed Rate Hikes] Jin10 Data, July 14 – Tony Welch from SignatureFD stated that the market has overestimated the likelihood of Federal Reserve rate hikes. Following the release of weak CPI inflation data for June, the futures market reflects a lower probability of a rate hike this month. However, according to data from CME Group, at least one rate hike this year remains possible. Welch noted that regardless of fluctuations in fuel prices, inflation is on a downward trend. 'We simply do not see the kind of wage growth that could broadly sustain inflation across the entire economy in the long term,' he said. He expects Federal Reserve Chair Warsh to attempt to keep inflation expectations near the Fed's 2% target. 'I do believe he is trying to use his rhetoric to help set and maintain stable inflation expectations,' he said.