Watch the jobs report to figure out what the Fed will do next: Strategist

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The Federal Reserve is widely expected to pause its interest rate hiking cycle at its meeting on Wednesday. But beyond that, opinion become a little more mixed. There has been a lot of concerns that rising oil prices (CL=F) could become inflationary and create a problem for the Fed. But WisdomTree Head of Fixed Income Strategy Kevin Flanagan argues that the Fed may also view an increase in energy prices as a tax on the consumer. Flanagan says he is watching the labor reports because "that always goes to the front of the line." "If we see the employment reports continue to come in as they have, could the Fed raise rates one more time before year end? I think you have to leave that possibility open," Flanagan says.