The latest Fed minutes came in dovish which indicates that officials may not be ready to go for tightening the policy as yet. According to the minutes of the U.S. central bank's June policy meeting, the Fed officials felt considerable improvement on the economic recovery "was generally seen as not having yet been met," though they are watchful of the inflation concerns.

The minutes indicated that the Fed officials are worried about new inflation risks but still-relatively-high unemployment has been keeping them from tightening the monetary policies. After its meeting and statement last month, investors started to fear that the Fed would tighten the policy more quickly than previously expected.

The minutes led the growth-oriented Nasdaq to a new high as rates are likely to remain lower for longer. Moreover, fears of delta variant of COVID-19 are also causing higher demand for the tech stocks as these are winning ones amid stay-at-home trend. Since the Nasdaq is tech-heavy, low rates should boost this fund.

If rates remain low and inflation remains relatively higher, investors can bet on the ETFs like Invesco QQQ (QQQ Quick QuoteQQQ - Free Report) , SPDR S&P 500 ETF (SPY Quick QuoteSPY - Free Report) , iShares Russell Top 200 Growth ETF (IWY Quick QuoteIWY - Free Report) and Materials Select Sector SPDR ETF (XLB Quick QuoteXLB - Free Report) .