Markets (^DJI, ^IXIC, ^GSPC) have seemed to price in higher for longer interest rates after the Federal Reserve made its latest monetary policy decision to keep rates unchanged. As inflation sticks around, however, the Fed's long-term rate picture remains unclear.

Yahoo Finance's Brian Sozzi and Akiko Fujita are joined by Nuveen Investments CIO Saira Malik at the Annual Milken Global Institute Conference to discuss the Federal Reserve, inflation, the overall state of the market, and more.

"I wasn't surprised to see payrolls miss this month. But they're still reasonably strong. Markets rallied last week on the Fed's comment because they were actually relieved that rate hikes were taken off the table," Malik comments on the market reaction to April's jobs report and Fed's rate hold last week. "I am not convinced that we're not going to see another rate hike. If inflation re-accelerates and the economy remains strong, I think you could be bringing a hike back on the table. It's not our base case, but I think it's still an issue out there."

Catch more of Yahoo Finance's coverage at the 2024 Milken Institute Global Conference.

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This post was written by Nicholas Jacobino