"The markets basically called shenanigans on this tapering idea a week ago," he said.
On CNBC's "Fast Money," Brown noted the recent gains in real-estate investment trusts and home builders.
"This doesn't happen if there's an imminent announcement on either rates or bond buying, or anything of that nature," he added.
Brown also said that he expected the Fed to "walk back" May 22 comments that opened the door to the possibility of tightening monetary policy.
TheStreet CIO Stephanie Link had a clear expectation of what Chairman Ben Bernanke would say at the Federal Open Market Committee meeting on Wednesday.
"The message is quite clear: Rates are going to stay low for a very long time. And when they do taper, that means the economy is better and they can handle it," she said. "I don't think we're there yet. I think we're at 2 percent GDP."
(Read More: Trading Ahead of the Fed Meeting)