Stock market should 'right size' expectations for Fed pause, strategist says

for the Federal Reserve. But that's not priced into the stock market, according to Oppenheimer's Chief Investment Strategist John Stoltzfus.

Stoltzfus made no mention of moving down his year-end target for the S&P 500 of 4,900 but notes inflation is still too far off the Fed's 2% goal. Expectations are for the latest Consumer Prices Index reading on Wednesday morning to show prices rose 3.6% over the prior year in August,On a "core" basis, which strips out the volatile food and energy categories, CPI is expected to rise 4.3% over last year in August, a slowdown from the 4.7% increase seen in July.

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