The Federal Reserve left interest rates steady coming out of its June FOMC meeting on Wednesday, now projecting one rate cut by the end of the year as inflation continues to cool. Head of Citizens JMP Securities Mark Lehmann joins Market Domination Overtime to discuss the move and the current state of the market (^DJI, ^IXIC, ^GSPC).

Lehmann is overweight on tech, explaining that "tech has become much more of a horizontal than a vertical. And the people taking advantage of that and the multiple expansion we're seeing that obviously in semiconductors and other places is alive and well." He explains that as AI begins to seep into all sorts of sectors, companies will see rising multiples and profitability.

As Wall Street awaits a rate cut, Lehmann explains, "the Fed's got a really hard job to do, and I always say hindsight's 20/10. It's a lot better than 20/20. So we're going to talk about this six months from now and say 'I told you so' either way."

He adds, "I just don't expect them to not really think long and hard about the right timing for those cuts and the right number of those cuts, because the last thing you want to do is go too quickly. That being said, I think the market corrects much more quickly on its own, and we've seen that kind of higher for longer beget comfort within the investor public."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Melanie Riehl