No justification for Fed to raise interest rates into a supply shock: Harris Financial's Jamie Cox

• It is 'nonsense' for a dual mandate Federal Reserve to hike rates during a supply shock.
• The oil shock will effectively slow the economy and be disinflationary to goods and services.
• The Fed should take this opportunity to kill inflation completely, and may lower rates more than anticipated later in the year.
• The US economy is currently sustaining these shocks, with consumption patterns and consumer strength remaining robust.

Jamie Cox of Harris Financial Group argues it's 'nonsense' for the Federal Reserve to hike interest rates into a supply shock like rising oil prices. He believes the oil shock itself will slow the economy and be disinflationary, making rate hikes unnecessary and potentially recessionary. He anticipates the Fed will eventually lower rates more than currently expected, as the US economy is currently withstanding the oil price increases.