Wall Street awaits Wednesday's Consumer Price Index (CPI) print for the month of May, which will provide key economic data ahead of the Federal Reserve's June interest rate decision. Bank of America Director and US & Canada Equity Strategist Ohsung Kwon joins Wealth! to discuss how to best position your portfolio ahead amid the current inflationary environment.

"After the blowout jobs report that we saw on Friday [June 7], the no landing debate, we believe, that is back on the table, and we don't think that's necessarily bearish for equities," Kwon says. He explains that equities can withstand higher rates as their growth continues to remain resilient. He adds, "The risk to equities is still skewed to the upside... If CPI were to soften on Wednesday, that's basically the best-case scenario for equities."

While many investors are focused on monthly inflation data, Kwon encourages them to "look at the bigger picture" and see how inflation overall is coming down. He explains that "as long as inflation doesn't reaccelerate, and growth is still strong, I think equities can work to the upside." He points to financials as an opportunity as banks are well capitalized and have strong fundamentals. He adds that if the Fed is done hiking rates, it will alleviate the deposit pressure issue facing banks.

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This post was written by Melanie Riehl