There's a risk that stocks will go downhill from here, according to Wells Fargo's Paul Christopher, as he warned investors not to chase the current rally.
"Even if the Fed stays on hold next week, we don't think the Fed stays on hold for very long — inflation is just too sticky."
Christopher added that he does not believe the Fed will cut rates this year.
History shows the S & P 500 doesn't bottom until, on average, six months after the first Fed rate cut, Christopher said.
The rally has been a narrow-focused one, however, with gains driven by just a few major tech stocks.
Persons:
Wells Fargo's Paul Christopher, Paul Christopher, he's, CNBC's, Christopher
Organizations:
Wells, Investment Institute, U.S . Federal, CNBC, Nasdaq, Treasury
Locations:
U.S