Inflation is creeping into other sectors beyond energy, says Tony Welch, which adds pressure on the Fed to raise interest rates higher than previously expected. He warns investors to brace for a potential 50 basis point hike in the FOMC's December meeting. That said, he separates the U.S. economy from the stock market and believes earnings growth will continue to bolster the latter for the foreseeable future. He adds that the growth doesn't come without risks from the AI trade.