[Strategist: The Fed Has Reasons to Raise Rates, But Data and Inflation Expectations Also Support Holding Steady] Jin10 Data, July 29 – Ned Davis Research Chief Macro Strategist Joe Kalish expects the Federal Reserve to raise interest rates by September, making this week's meeting critically important. With the market already pricing in rate hikes for this year, Kalish questioned: 'Why wait?' He believes that raising rates will reinforce the Fed's independence and enhance its credibility. However, he also pointed out that there are solid reasons to keep rates unchanged, including the latest inflation data and maintaining stable inflation expectations.