Brace for ‘Octaper’ or buy stock dips?
Despite a couple of potential market headwinds, the outlook for stocks is positive, Bessemer Trust CIO Rebecca Patterson said Thursday.
"I think there's a couple of things going on," she said. "One, the global economy is improving. We get mixed messages, but you see the jobless claims today: Best in the expansion."
On CNBC's "Fast Money," Patterson, who has $60 billion in assets under management, said that she saw strength in the consumer.
"We're looking at net worth for the household in the U.S. growing by $1.3 trillion in Q2, probably $2.4 trillion, so consumers are getting wealthier and inflation is staying low," she said.
(Read more: Get selective with retail stocks: Stephanie Link)
"So, I think the consumer outlook in the U.S. is good. The jobs picture in the U.S. is improving. Europe's doing better. China's doing better. So, the world is doing better. You have that. You have the fact the Fed isn't moving quickly, and we know who's not going to be in charge of the Fed."
Nevertheless, a couple of known potential drags on the economy loomed in the coming month, Patterson added: The continuing budget resolution in Washington and the debt-ceiling debate. Beyond that lie the questions of who will lead the Federal Reserve after Chairman Ben Bernanke steps down and a timetable for the reduction, or tapering, of the Fed's $85 billion-per-month asset-purchase program.
(Read more: Trading D.C. budget gridlock: Larry McDonald)
"If I look at the next 12 to 18 months, we're going to get resolution on all of these," Patterson said. "I don't think we have a long shutdown. The Fed is going to move. Rates are going up. And that is going to help equities."
Patterson said that market worries about the events were actually helpful, noting that hedge funds are still positioned defensively and that pension and mutual funds were still under-allocated, making stock dips an opportunity to buy.
The Fed might not taper its bond-buying next month, or "Octaper," she said.
(Read more: Momentum stocks are most vulnerable: Joe Terranova)
"I think they'd probably like to see some resolution on the fiscal side of things," Patterson added. "I don't know the timing, but I know it's going to happen."
Trader disclosure: On Sept. 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long SLB; Jon Najarian is long AAPL; Jon Najarian is long PNC; Jon Najarian is long FB; Jon Najarian is long MSFT; Jon Najarian is long EEM; Jon Najarian is long BBBY; Jon Najarian is long NE; Jon Najarian is long DAL; Jon Najarian is long YHOO; Jon Najarian is long DNR; Stephen Weiss is long AAMRQ; Stephen Weiss is long LCC; Stephen Weiss is long M; Stephen Weiss is short JCP; Stephen Weiss is short GNW; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long HTZ.