Given recent economic data, Farr told CNBC's "Power Lunch" he thinks the central bank will continue to keep interest rates low for longer than most expect.
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Kevin Caron, portfolio manager and market strategist at Washington Crossing Advisors, said he's been underweight equities since the fourth quarter.
He said a variety of macro indicators lead to the change, including the fact that stocks began to underperform bonds and there was a "blowout" in spreads in the corporate bond marketplace.
"Stocks underperforming bonds is typically a risk-off trade and our interpretation of all that was that we were going to see some slower growth," Caron said in an interview with "Power Lunch."
That said, there has been some encouraging news recently, he added.
"For example, we've seen that inflation expectations have been perking up a bit, taking some of the deflation worry off the table and the stabilization in oil prices is starting to help take some of the pressure of the credit issues," he said.
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Caron likes consumer staples, utilities, industrials and energy.
Farr continues to see opportunities in Europe and thinks there may be opportunities on the horizon in Asia and Australia. He also likes large-cap multinational companies that have underperformed because growth outside the United States has been difficult with the rising dollar.
—CNBC's Jennet Chin contributed to this report.