Federal ReserveChairJerome Powellsounded hawkish on Wednesday, stating it wouldn't be appropriate for the central bank to lower the policy rate until it has more confidence in inflation moving sustainably toward the 2% target. Despite Powell's stance,Tom Lee, a bullish analyst at Fund Strat, disagreed and suggested the possibility of more than three cuts this year.

Powell emphasized a data-dependent approach, noting, "Given the strength of the economy and progress in inflation so far, we have time to let the incoming data guide our decisions on policy."

Appearing on CNBC, Lee attributed the fading hopes...