Investors may have to rethink when the Federal Reserve will raise interest rates following the European Central Bank's announcement that it will buy more than 1 trillion euros in bonds, Janney Montgomery Scott's chief investment strategist told CNBC on Thursday.
"I think there's a nontrivial chance that this helps to delay the Federal Reserve's liftoff date with regards to interest rates if the dollar continues to strengthen," Mark Luschini said in a "Squawk on the Street" interview.
ECB President Mario Draghi announced that the central bank will purchase $60 billion a month in sovereign debt and other assets through at least September 2016. The bank chief also implied that the program could in fact be open-ended.
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Luschini hedged slightly, saying that exports account for about 15 percent of U.S. GDP, of which about 15 percent go to Europe. That means a relatively small part of America's economy is affected by the euro-dollar cross, he said.
However, if the de facto effect of Europe's bond-buying is a strengthening of the dollar, American multinationals will face headwinds, U.S. bond yields could come under pressure and inflation may be tempered, he said. A stronger dollar makes U.S. products more expensive abroad.
The ECB program will likely lift U.S. equities, Luschini said, though he noted they would also rise on their own merit.
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"At the end of the day, if [ECB bond-buying] helps to inflate risk assets in Europe and help the European economy—although I think the economic efficacy of it is a bit in doubt—I think ultimately that will pull forward U.S. equities as well," he said.
He added that European stocks are very cheap on a valuation basis, and Janney Montgomery Scott believes they will outperform U.S. equities in 2015.
European equity markets have rallied about 5 percent this year, while the S&P 500 is down about 0.5 percent.