As stock markets (^DJI,^IXIC,^GSPC) enter the second half of the year, investor focus has shifted to the Federal Reserve's stance on monetary policy. SEI chief investment officer Jim Smigiel offers his insights on the economic landscape.

While acknowledging the economy's resilience, Smigiel warns that higher interest rates will likely remain challenging in the coming months. He states, "We see inflation being stickier than expectations," and suggests that if the Fed were to cut rates, it would likely be limited to only one for the year.

"The one wild card here is what will the Fed do," Smigiel told Yahoo Finance. He believes a July rate cut is "off the table" and views a September rate cut as unlikely, given its proximity to the election.

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This post was written by Angel Smith