The markets are pricing in a 71.9% chance of a Federal Reserve rate hike at the March meeting.

The recent wave of stock market volatility could change the Fed's rate hike calculus, but TheStreet's chief executive officer Dave Callaway doesn't think it will. "I think the Fed has to put its calculus less on what the markets are doing and more on [the] underlying economy," he said.

Earlier this week, Jerome Powell began his tenure as Federal Reserve Chairman.

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