The hotter-than-expected May jobs report once again stokes the debate about the Federal Reserve's handling of inflation. Citi chief investment strategist and chief economist Steven Wieting joins Market Domination Overtime to give insight into how the rest of the world's central banks are managing inflation.

"Japan is the outlier, and again, the pressure to raise rates in Japan is building. The case for Europe and the United States are actually not as different as people think. If we take a look at the harmonized ECB inflation rate for the Eurozone, and the same measure for the United States takes that one component, owners' equivalent rent, the US has had more inflation progress than Europe has. The sustainable interest rate may be higher, but we don't think it's really telling us a different story. That tight monetary policy will interact with labor markets and we'll see a cooling and inflation, and that's perhaps not maximum employment if we look out 12 months, so I think the Federal Reserve will be doing what the ECB has just done, and they'll take down policy rates a bit," Wieting tells Yahoo Finance.

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This post was written by Nicholas Jacobino