June's Purchasing Managers Index (PMI) data release shows signs of economic acceleration, with a reading of 54.6 surpassing economist expectations of 53.5. JPMorgan Asset Management Global Market Strategist Jack Manley joins Catalysts to discuss his market (^DJI, ^IXIC, ^GSPC) outlook in light of this data.

Manley expresses frustration with the prevailing market theme of "good news is bad news," stating: "I think we have totally lost the plot of what interest rates are all about." He emphasizes that the Federal Reserve does not desire a recession.

"We aren't supposed to be rooting against the economy accelerating, that is a good story," Manley tells Yahoo Finance.

Regarding the Fed's approach to rates, Manley observes that the Fed "is not always data dependent, they rely a ton on forward guidance." He criticizes the central bank's handling of monetary policy post-pandemic, suggesting that instead of speculating on the Fed's actions, individuals should "focus on more tangible" outcomes.

"I don't know what's gonna happen to rates over the next six months. I don't know what's gonna happen to the data over the next six months, but I do have confidence that rates will move lower over that longer-term time period," he tells Yahoo Finance.

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This post was written by Angel Smith