The Federal Reserve releases on Wednesday the minutes to its latest policy making meeting. HighTower's Pagnato Karp managing director Paul Pagnato tells TheStreet's Joe Deaux that he thinks the central bank will stick to its statement and delay raising the federal funds rate until the end of 2015, when the economic stimulus program will have been concluded for nearly a year. Pagnato also says worries about inflation are a bit over-hyped. Finally, Pagnato tells investors how the S&P 500 will perform in the second half of 2014, relating it to historical stock market performances during a midterm election year.

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