The recent shaky economic data doesn't faze David Kelly.
The chief global strategist at J.P. Morgan Funds believes once the frigid weather subsides, the U.S. economy will begin to see growth pick up, albeit at a moderate pace, he told CNBC on Thursday. The unemployment rate will go down, interest rates may rise, and investors should be "short fixed income and long equities," he said on "Squawk on the Street."
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Kelly said his longer-term models forecast a better growth picture than suggested by the most recent rounds of weaker-than-expected economic data, including disappointing jobless claims and retail sales numbers that came out Thursday.
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"It's kind of like a pilot flying in a storm here," Kelly said. "We're basically working off instruments because the visibility is so bad. These weather effects have made it very difficult the interpret the data."
—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street."