The hotter-than-projected wage data, as well as a new 40-year high in another key inflation measure released on Friday, means that the Federal Reserve will most likely continue raising interest rates this year.

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The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period last year, according to data from the Bureau of Economic Analysis.

"There was nothing in today's reports that's going to cause the Fed to question whether they should keep tightening," Fry said. "I'd lean towards 75 basis points the next time too, until we see some kind of break on inflation, both wages and prices."

The hotter-than-projected wage data, as well as a new 40-year high in another key inflation measure released on Friday, means that the Federal Reserve will most likely continue raising interest rates this year.

*

The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period last year, according to data from the Bureau of Economic Analysis.

"There was nothing in today's reports that's going to cause the Fed to question whether they should keep tightening," Fry said. "I'd lean towards 75 basis points the next time too, until we see some kind of break on inflation, both wages and prices."