The rally in stocks won't be swayed by a hawkish Powell, as falling inflation still points to a 20% gain for the market this year, Fundstrat says

• Stocks are still set for a 20% gain this year thanks to falling inflation, Fundstrat's Tom Lee said.
• Lee made the case for a rally despite Powell's hawkish testimony before Congress on Tuesday.
• Markets are expecting higher rates, but inflation expectations haven't changed, which is good news for stocks.

The rally in stocks isn't going to be derailed by a hawkish Federal Reserve, as falling inflation still points to a 20% gain for the market this year, according to Fundstrat's head of research Tom Lee.